Here it is given that you and your friend both are aiming at each other
So here we can find the relative motion of two balls
first we will write the components of water balloon of your hand
[tex]v_x = v cos\theta[/tex]
[tex]v_y = v sin\theta[/tex]
[tex]a = -g[/tex]
similarly now for your friends balloon components are given as
[tex]v_x' = - v'cos\theta[/tex]
[tex]v_y' = - v' sin\theta[/tex]
[tex]a = -g[/tex]
now to find the relative motion
[tex]v_{rx} = (v + v') cos\theta[/tex]
[tex]v_{ry} = (v + v') sin\theta[/tex]
[tex]a_r = 0[/tex]
so here the relative motion of two balls is always in a straight line with respect to each other
[tex]tan\phi = \frac{v_{ry}}{v_{rx}}[/tex]
[tex]tan\phi = tan\theta [/tex]
so they move in straight in with respect to each other and hit directly
so in this case we can say that two balloons always hit each other when they are targeted towards each other because the motion is always towards each other and the time to hit each other is given by
[tex]t = \frac{d}{\sqrt{v^2+v'^2}}[/tex]
here d is the straight distance between you and your friend balloon
also here net speed is
[tex]v = \sqrt{v^2 + v'^2}[/tex]