5. PaperPro had previously acquired PaperExpo, which independently generates

$800 million per year in revenues, with no material growth. The consolidated revenues for PaperPro (post-acquisition) are $1.5 billion in year 1,

$1.8 billion in year 2 (the year of the acquisition), and $2.5 billion in year 3. If PaperPro closed the acquisition of PaperExpo on October 1 of year 2, what is the apples-to-apples organic growth for PaperPro in year 2 and year 3?

How does this differ from reported revenue growth? Assume PaperExpo’s revenues are consolidated into PaperPro’s revenues only after the acquisition close and that the fiscal year closes for both companies on December 31 of each year.