Notice that the graph relates the height of the balloon (y axis) with the time spent on the air (x axis).
With this in mind, we can effectively see that the maximum height of the balloon is 64 ft.
Also, since the maximum height occurs at the beginning, this means that the height is 64ft when 0 seconds have passed. Thus, the maximum height occurs at x = 0.
Finally, notice that the graph only ranges (on the x axis) from 0 to 2, this means that it takes 2 seconds to the balloon to hit the ground. Therefore, the water balloon is in the air for 2 seconds.