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There is no simple answer to this as the information can be printed on the paper in many different ways, some human readable and some not. And using human readable formats there is no well defined way to say how many bits each character represents. Also you need to consider printed photographs, which have different resolutions and numbers of bits per pixel. It also is an issue whether or not the bits must be able to be read losslessly without error back into a computer.

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Q: How many reams of paper hold a terabyte of information?
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