Good explanation I can agree with except for this assertion which I find highly questionable.
> If the bullet were light enough, it could reach terminal velocity where the air resistance negates the increase in velocity due to acceleration.>>
Even if you had a bullet with the weight of helium it wouldn't work. Air resistance would have it floating like a soap bubble ten feet from your rifle. To overcome earth's gravity well and enter free fall orbit you must have a given speed regardless of mass.
Air resistance can cause low density objects to hit Terminal Velocity. Even a high mass object that has a shape that impedes air movement can hit terminal velocity. A large block of Styrofoam dropped from a tall building will not reach freefall velocity because it has too much drag as it falls. It won't stay buoyant like a soap bubble, but it also won't fall as quickly as a large rock from dropped the same height. In a vacuum, this is obviously not the case (feather and hammer).
True.
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