The kinetic energy of the firework when it is launched is,
[tex]K=\frac{1}{2}mv^2[/tex]
At the minimum height the potential energy of the firework is,
[tex]U=\text{mgh}[/tex]
At the height the kinetic energy is converted into potential energy therefore, according to conservation of energy,
[tex]K=U[/tex]
Plug in the known values,
[tex]\begin{gathered} \frac{1}{2}mv^2=mgh \\ v^2=2gh \\ v=\sqrt[]{2gh} \end{gathered}[/tex]
Substituting values,
[tex]\begin{gathered} v=\sqrt[]{2(9.8m/s^2_{})(240\text{ m)}} \\ =(68.6\text{ m/s)}(\frac{2.24\text{ mph}}{1\text{ m/s}}) \\ \approx153.7\text{ mph} \end{gathered}[/tex]
Therefore, the launch speed of the firework is 153.7 mph.
As the launch speed is approximately equal to 160 mph therefore, the firework can be launched safely with speed 160 mph.