Question

Why is it that a parachute descends slowly whereas stone dropped from the same height falls rapidly?

Answer 1

Its due to the larger surface area of parachute coming against the force of gravity and hence, it comes slowly
While the stone is having smaller surface area comes down quickly....

Answer 2

We have often observed that a parachute descend is slow while the descend of stone is rapid even if the height of fall is same. The reason is due to the weight which is being pulled down by the gravity towards itself. The gravity pulls everything towards itself, so the parachute which is heavier takes more time than the stone which is less heavier in the descend.  

Other factor is the air resistance, stone is a compact mass which does not have air resistance inside and experiences only external air resistance where as in parachute the air resistance is internal as well as external making it more difficult to be dropped in free fall.