if you ignore air resistance, it would take about 3.5 seconds; at ttat point where it hits the ground it is traveling at 75 mph. Because of the air drag, it may take a bit longer to hit the ground.
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8 seconds
630 feet
The answer depends on what gas the balloon contains, its initial velocity and the forces - gravity, buoyancy, cross-wind - acting on it.
Umm it would damage it
The ball which you drop from 5 feet will reach the ground first.