I checked you equation ($V_i = 2V_m - V_o$) and it appears to be correct. (See caveat below.)
Can we say that if the mirror is moving with a speed 80% the speed of
light and the object is moving with a speed 10% the speed of light.
Would the image move with a speed 1.5 times the speed of light?
On the face of it we appear to have something that is exceeding the speed of light, but the image is a virtual image and not a tangible physical object. The virtual image is a mathematical geometric construction of where the light rays appear to be coming from, but if you look behind the mirror, there is nothing there. It joins a list of virtual objects that appear to exceed the speed of light, but these virtual objects are not physical and cannot be used to communicate at superluminal speeds.
This list includes:
- The point between a long oblique wave and where it meets the shoreline.
- Superluminal scissors
- The lighthouse paradox. (Suggested by Pauline in the comments.)
- The leading edge of a jet from a neutron star or black hole seen at an oblique angle.
Details:
Imagine a 100 Km long straight wave that is approaching a straight shoreline that is almost parallel to it but not quite. It is possible that one end of the wave hits the shoreline a picosecond after the other end hits and the point of intersection with the beach exceeds the speed of light. The intersection point exists only as a mathematical entity and no molecules in the water wave exceed the speed of light. observers at each end of the shoreline cannot use this phenomena to meaningfully communicate with each superluminally.
Imagine sweeping a laser pointer across the surface of the Moon (while standing on the Earth). The dot on the Moon appears to move across the surface of the Moon faster than the speed of light (after an initial delay), but no physical entity actually moves across the surface. The dot at any instant comprises a set of reflecting photons and the dot at the successive instant, comprises of a different set of reflecting photons. See the link given by Pauline.
Caveat: The equation is valid for the actual position of the mirror, but if we take light travel times into account to work out what an observer would actually see, then things are different. To avoid things getting too complicated I am going to assume that the object and the observer remain at the origin and only the mirror moves (along the x axis). The reflective surface of the mirror is orthogonal to the x axis. Taking light travel time into account, the equation for the apparent velocity $V_m'$ of the mirror is:
$$V'_m = \frac{2 \Delta X}{\Delta T} = \frac{2 V_m }{1 + v_m/c}$$
where $t_m$ is the time that the mirror moves for and c is the speed of light. If we examine the case when the mirror is heading towards the object and observer at the origin at a velocity of -0.8c then the result is: $$V'_m = \frac{2 \times -0.8 }{1 - 0.8} = - 8 c$$
If $V_m$ is tends to c, $V_m'$ tends to infinite and we are talking about the velocity of a solid mirror and not a virtual image. So what is going on here?
The calculated velocity is the apparent velocity calculated according to where the light rays appeared to be coming from, from the point of view of the observer and not the actual velocity of the mirror. Again, this is not a real tangible object exceeding the speed of light. This is very similar in principle to the apparent superluminal motion described for the jets in (4) where the apparent velocity is exaggerated when an object is approaching an observer at high velocity.