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How a perfect NCAA tournament bracket will win you a billion dollars

Jan 21, 2014, 2:48 PM EDT

Warren Buffett wants to give you a billion dollars.

With a ‘B’.

And he wants to do it if you manage to fill out a perfect bracket for the NCAA tournament.

Seriously. Quicken Loans is sponsoring the Billion Dollar Bracket Challenge, and Buffett is the CEO of Berkshire Hathaway, the company insuring the grand prize.

“We’ve seen a lot of contests offering a million dollars for putting together a good bracket, which got us thinking, what is the perfect bracket worth? We decided a billion dollars seems right for such an impressive feat,” said Jay Farner, President and Chief Marketing Officer of Quicken Loans. “It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill.”

Anyone with a perfect bracket will win either $500 million up front or $25 million a year for the next 40 years. If no one wins, the top 20 brackets will receive $100,000.

“Millions of people play brackets every March, so why not take a shot at becoming $1 billion richer for doing so,” said Buffett.  “While there is no simple path to success, it sure doesn’t get much easier than filling out a bracket online.  To quote a commercial from one of my companies, I’d dare say it’s so easy to enter that even a caveman can do it.”

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