Two protons moving toward each other with initial speeds of 2.1 x 10^6 m/s need to calculate their closest approach distance. The conservation of energy principle is applied, equating the total kinetic energy of both protons to the potential energy at closest approach. The correct formula involves summing the kinetic energy of each proton, leading to the equation 1/2mVo^2 + 1/2mVo^2 = Kq^2/r. After correcting the approach, the final closest approach distance is determined to be 9.6 x 10^-14 meters. This highlights the importance of considering both protons' kinetic energy in the calculation.