Is this a problem you have to calculate the answer to, like for homework? Or can you do some lab tests?
This seems like a mass transfer problem. I have not done a mass transfer problem in a long time.
However, most of the water mixing in the vapor phase probably can be attributed to vapor pressure alone. If you could measure the total water loss over time in your flask, then subtract out what water would be loss by vapor pressure.
If total water loss (experimentally) - vapor pressure = positive number (small number) <-- mass transfer of water/argon stripping
If total water loss - vapor pressure = large number <-- probably more investigation into mass transfer theory
I am assuming 120 mL/min of argon is enough argon gas to displace air from the the top of your flask.