Terminal Velocity Equation with a Vi greater than 0

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speedx77
Doing a skydiving project where the two people collide and move at an intital velocity of 75.73 m/s. When i use the normal terminal velocity equation i get:

V = sqrt((2*m*g)/(DpA)) = 63.82 m/s

When D is 1
p = .9798
A = .835

Is the a formula that factors in Vi? Or does it slow down to its terminal velocity because of the balancing of forces.
 
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As you suggest, it will slow down to the terminal velocity because of the balancing of forces. Any higher velocity causes a higher aerodynamic drag that will slow it.