Um Terry, this formula would have you whistling with a sonic boom pretty quick. You would need to include the opposing resistive force due to the air, thereby greatly increasing the fall time.
Since the resistive force is dependent on the air density (and if you have your arms out) it becomes a bit difficult. This is where physicists usually start saying "assuming the person is approximately spherical...". ;)
In free fall, you fall at about 125 miles per hour (mph) if you have your arms and legs extended, and at that speed you will travel about 12,000 feet in one minute.
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