Range does not come into play as much when determining where the torpedoes impact the target, or how much it leads. Especially not when firing straight. It only does when the torpedo needs to make a large turn and at close quarters. Speed and AOB does make a, more or less proportional impact on lead angle. It's most likely they were not exact in your case.
However the time to impact is directly related to the distance you put in. Your formula is correct.
There were bugs in the timekeeping of the game in earlier versions. This should have been correct in version .18 something.
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