Were you told to assume that the balloon rises the same as a rock that is tossed into the air at 16 feet per second?
If not, then I don't know how to determine its acceleration.
Also, balloons released from ground level have an initial velocity of zero.
If the phrase "initial velocity" means the balloon's velocity at ground level, then it must have been released from the bottom of a hole or somehow shot into the air.
It seems to me that the acceleration of this particular rising balloon depends upon the height above sea level from which it's released, the density of the gasses inside the balloon, the mass of the material from which the balloon is made, and the mass of the object attatched the balloon. There may be even more factors of which I'm unaware.
Perhaps, there are a lot of assumptions that go with this exercise, and you did not type them.