I am an applied math professor and agree 100% with Dan here:
I would also add that the question of how long it takes to reach terminal velocity is ill defined, because terminal velocity is an asymptotic state. You never truly reach terminal velocity. If I make an incorrect assumption for mathematical convenience that drag is linearly related to velocity, and not quadratically, the velocity becomes
v(t)=v_T e^(-( 9.81/v_T) t) - 9.81
where v_T is the terminal velocity in meters/sec. The graphs of v(t) vs. t are shown below for v_T = 54 and v_T=89. As you can see it takes a fair bit longer to get close to terminal velocity than the rough approximation v_T/9.81. The velocities are negative because the height is decreasing.
I'm tempted to get out a DE solver for quadratic drag, but I think it is better for me to prepare for classes that start next week.