The answer is 96 min, here is why:
x / 240 + x / 160 = 1
2x + 3x = 480
5x = 480
x = 96 min
(Drainage rate of first pipe = 480000/240 = 2000 l/min
Drainage rate of second tube = 480000/160 = 3000 l/min
Combined drainage rate = 5000 l/min
Time to drain = 480000/5000 = 96 min. )