Since the paper is wadded up tight, and if there's any air resistance left we assume there isn't any, it might just as well be a stone that's tossed. This is just a stripped down projectile situation.
When an aircraft takes off, it does not take off in a parabolic direction. As a result, it isn't a projectile motion.
The equation for the distance traveled by a projectile being affected by gravity is sin(2θ)v2/g, where θ is the angle, v is the initial velocity and g is acceleration due to gravity.
Learn more about projectile motion here:
