Projectile isn't reaching my target.

So I've taken some code from a unity answers post that aims to fire a projectile in an arc towards target location. Unfortunately/fortunately none of the posters there seem to be having this problem.

    private Vector3 BallisticVel(Transform target)
     {
         var dir = target.transform.position - transform.position;
         var height = dir.y; //Calculate height difference. 
         dir.y = 0;
         var dist = dir.magnitude; //Get horizontal distance.
         dir.y = dist; //Set elevation to 45 degrees. 
         dist += height; //Correct for different heights. 
         var velocity = Mathf.Sqrt(dist + Physics.gravity.magnitude);
 
         return velocity * dir.normalized;
     }
     
     // Update is called once per frame
     void Update () {
         attackSpeed -= Time.deltaTime;
 
         //After x amount of time, apply damage.
         if (attackSpeed <= 0)
         {
             //fire projectile, when it reaches the target then do this other stuff. 
 
             GameObject arrowInstance = Instantiate(arrow, transform.position, transform.rotation) as GameObject;
             Rigidbody projectile = arrowInstance.GetComponent<Rigidbody>();
 
             projectile.velocity = BallisticVel(enemy.transform);
 
             if (ac.struck == true)
             {
                 Debug.Log("Struck!");
             }
             else { Debug.Log("Missed!"); }
             //CombatAnimation();
             attackSpeed = 2.0f;
 
         }
 
 
     }

While the projectile fires in the right direction, it only makes it about a two units away from the point of instantiation before landing. It's a ways off.

I didn't write the BallisticVel code and I have only a basic understanding of how it works (my physics is terrible), so I was wondering if anyone knows what might be the cause?