for adding in air resistance, we can model the situation with a linear homogenous second-order differential equation:
m y’’(t) + lambda y’(t) + k y(t) = 0
m is the mass of the object, lambda is the damping constant, and k is the spring constant. k is obtained from the equation f = - k y, and since gravity varies linearly with height under the earth’s surface you can use the gravity at the earth’s surface to determine k: k = - m g / (radius of earth), where m is the same mass of the object.
lambda represents the effects of air friction. air friction can be modeled in a variety of ways, with the friction force being proportional to the velocity, velocity squared, or other functions, however to have a linear equation we will model the air friction force as being proportional to the velocity. lambda is obtained from the terminal velocity equation: m g = lambda v (i think). also note that the units in each term of the first equation are of force, which serves as a check for the lambda equation.
now you can solve the equation by either plugging in the numbers or leaving the constants there. trying a solution of the form y(t) = exp[r t] (standard way of solving this de equation) yields:
(r^2 m + r lambda + k) exp[r t] = 0
solve for the roots of r and you have the two solutions.
the value of lambda affects how damped the system is. as ski and ace22 noticed, there are different cases depending on the magnitude of lambda. if lambda is very large, the system is overdamped and the object does not cross the axis after release. think of the object falling through a thick liquid, it will just slow down approaching the center. other cases are when the system is critically damped, passes the axis just once, and underdamped, passes the axis many times. also, as the ryan noticed, the object approaches the center but doesn’t reach it, as shown by the exponential solutions. finally, also notice as citybadger pointed out the density of the atmosphere will not be constant and will vary with height. you could integrate to find out how the density would vary with y under the earth’s surface, but then lambda would be a function of y and the de would be non-linear. for this calculation you could choose lambda as a value midway between the surface and the center.
whew long post! anyways, if anyone finds a suitable value for lambda, i’ll complete the calculation. hope this helps explain this interesting question!