The terminal velocity $V_t$ will be reached when the drag coefficient is equal to the force of gravity:
$$F_{drag} = mg$$
$$C_D\frac{1}{2}\cdot \rho_{air} \cdot A \cdot V_{t}^2= m\cdot g$$
where:
- $C_D$: is the drag coefficient (for a sphere is 0.5)
- $\rho_{air}$ is density of the liquid the sphere is passing through (if air then 1.225 kg/m3)
- $A$: cross-sectional area of the hailstone assuming its a sphere $\frac{\pi d^2}{4} =\pi r^2 $
- $V_{t}$: the terminal velocity of the sphere
- $m$: the mass of the sphere (assuming its a sphere the volume is $\frac{4}{3}\pi r^3$, and the density of the sphere is $\rho_{sphere}$)
- $g$: the acceleration of gravity
Therefore:
$$C_D\frac{1}{2} \rho_{air} \cdot \left(\pi r^2\right)\cdot V_{t}^2= \frac{4}{3}\pi r^3 \rho_{sphere}\cdot g$$
$$ V_{t}^2= \frac{4\cdot 2 \cdot\pi r^3 \rho_{sphere}\cdot g}{3C_D \rho_{air} \cdot \left(\pi r^2\right)}$$
$$ V_{t}= \sqrt{\frac{8}{3} \cdot \frac{g}{C_D } \cdot \frac{\rho_{sphere}}{\rho_{air} }\cdot r }$$
which indicates that the terminal velocity of a sphere increases proportionally to the square root of the diameter (radius).
if the buoyancy is considered then:
$$ V_{t}= \sqrt{\frac{8}{3} \cdot \frac{g}{C_D } \cdot \frac{\rho_{sphere} - \rho_{air
}}{\rho_{air} }\cdot r }$$