To obtain the exact formula for the velocity of a falling object, we must first model exactly how the drag force varies with velocity.
Laminar Flow
If laminar flow is assumed, then the drag force is proportional to speed
The terminal velocity is then given by
.
Applying N2L to the falling object, we get
Integrating both sides, we get
Turbulent Flow
If turbulent flow is assumed, then the drag force is proportional to the square of speed
The terminal velocity is then given by
.
Applying N2L to the falling object, we get
As you can see, the derivation involves quite a bit of integration (which is why it is not in the H2 syllabus), but the mathematics show that the terminal velocity is approached asymptotically, according to an exponential function under laminar flow conditions (e.g. tiny ball falling in honey), but hyperbolic tangent function under turbulent flow conditions (e.g. heavy ball falling in air).