Also it may seem interesting and make such problems less confusing plus I think that is why this question got so much views :
Average velocity and Average speed.
The average velocity ${{\bar V}_x}$ of a particle is defined as the particle’s displacement $\Delta x$ divided by the time interval $\Delta t$ during which that displacement occurred: $${\bar V_x} = {{\Delta x} \over {\Delta t}}$$
Although the distance traveled for any motion is always positive, the average velocity of a particle moving in one dimension can be positive or negative, depending on the sign of the displacement.
In everyday usage, the terms speed and velocity are interchangeable. In physics, however, there is a clear distinction between these two quantities. Consider a marathon runner who runs more than 40 km, yet ends up at his starting point. His average velocity is zero! Nonetheless, we need to be able to quantify how fast he was running. A slightly different ratio accomplishes this for us. The average speed of a particle, a scalar quantity, is defined as the total distance traveled divided by the total time it takes to travel that distance:$$Average\,\,{\rm{ }}speed = {{{\rm{total }}\,\,\,{\rm{distance}}} \over {{\rm{total }}\,\,\,{\rm{time}}}}$$
The SI unit of average speed is the same as the unit of average velocity: meters per second. However, unlike average velocity, average speed has no direction and hence carries no algebraic sign. [1]”
So in the case of this problem we have an average velocity of $\,0\,\,mph$ and an average speed of ${{120miles + 120miles} \over {{{120miles} \over {40mph}} + {{120miles} \over {60mph}}}}\,\,\,mph$ which equals $\,48\,\,mph$ .
[1] David Halliday, Robert Resnick and Kenneth S. Krane, "Motion in one Dimension," in Physics, John Wiley & Sons, Inc, 2001.