Without counting wind resistance, They will both reach the ground at the same time. If we apply the concept of kinematics, such as the equation vf^2=vi^2 + 2ad. This equation doesn't count how big or how heavy the mass is, it only focuses on how fast where they in the start and how far are both of them from the ground. So if they both have the same distance and same initial veloctity, then they will reach the ground at the same time.
For example, Try dropping a pen and a paper(Vertically) at the same height, you'll see they'll reach the ground at the same time.
If you count wind resistance, the heavier ball will hit the ground faster, because the air molecules will resist the lighter ball compared to the heavier ball.
We know that the change in momentum is equals to the product of force and time that is impulse (
). Therefore, we need to determine the value of that the water is in air by using the second equation of motion,

Here, u is initial velocity which is zero.
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Thus, impulse

From Newton`s second law,

Therefore, impulse

Given,
and 
Substituting these values, we get
Change in momentum = impulse
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Answer
given,
mass of ball, m = 57.5 g = 0.0575 kg
velocity of ball northward,v = 26.7 m/s
mass of racket, M = 331 g = 0.331 Kg
velocity of the ball after collision,v' = 29.5 m/s
a) momentum of ball before collision
P₁ = m v
P₁ = 0.0575 x 26.7
P₁ = 1.535 kg.m/s
b) momentum of ball after collision
P₂ = m v'
P₂ = 0.0575 x (-29.5)
P₂ = -1.696 kg.m/s
c) change in momentum
Δ P = P₂ - P₁
Δ P = -1.696 -1.535
Δ P = -3.231 kg.m/s
d) using conservation of momentum
initial speed of racket = 0 m/s
M u + m v = Mu' + m v
M x 0 + 0.0575 x 26.7 = 0.331 x u' + 0.0575 x (-29.5)
0.331 u' = 3.232
u' = 9.76 m/s
change in velocity of the racket is equal to 9.76 m/s