Will has covered 45 minutes worth of lake distance
45 min * 50 m/min = 2250 m meters before Grace starts ....so there is only 2800 - 2250 = 550 meters to cover before they meet
their closing rate is (50 + 30 ) = 80 m/min
distance / rate = time
550 m / 80 m/min = 6 7/8 minutes they will meet after Gracie starts
which would be 2:45 + 6 7/8 = 2:51 and 7/8 = 2:51 and 52.5 seconds (almost 2:52 pm)