Speed = distance travelled / time spent
That means to find out the speed of blue, we need distance travelled (which is 500m) and time spent.
Now, we do now we arrived 2 seconds before the red bicycle. Now, how do we find the time spent by the red bicycle?
Well, we can change some terms in the first equation:
Speed * time spent = distance travelled
Time spent = distance travelled / speed
That means the red bicycle took
500m / 10 m/s = 50s for the course.
Therefore the blue bicycle took 50s-2s=48s for the race.
Therefore, blue’s speed was:
Speed = 500m/48s
Which is around 10.42 m/s.