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Rocket an chutes are measured over the canopy, so in this case that is seven feet. This chute should handle a 9-10 pound rocket at a descent rate of 15-18 feet/sec.
Actually Mark, this is the older "C" version so it is measured in 10" increments (instead of a foot like Rocketman now does to align with others). So the canopy span on this is 70" and is rated at 3.5lb to 8lb for 15fps and 20fps, respectively (I kept an old descent chart).