Applying force balance on the ball at constant velocity:
\[ mg - F_B - F_v = ma \]
Since acceleration $a = 0$ for constant velocity:
\[ \Rightarrow mg - F_B = F_v \]
The buoyant force is given by:
\[ F_B = v \rho_0 g \quad \text{where } v \text{ is the volume of the ball.} \]
Force balance equation becomes:
\[ F_v = mg - v \rho_0 g \]
Substituting $v = \frac{m}{\rho}$ (volume in terms of mass and density):
\[ \Rightarrow F_v = mg - \frac{m}{\rho} \rho_0 g \]
\[ F_v = mg \left( 1 - \frac{\rho_0}{\rho} \right) \]