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Quicken Loans Offers $1 Billion for Perfect Men's Basketball Bracket

One of the largest mortgage lenders in the United States and investor Warren Buffett's company are teaming up to offer $1 billion to anyone who correctly predicts every game winner in this year's U.S. college men's basketball tournament.

Detroit-based Quicken Loans announced Tuesday it is joining forces with Buffett's Berkshire Hathaway to offer a "Billion Dollar Bracket Challenge.''

Every year, millions of Americans fill out brackets with their picks on which teams will advance to each round of the annual nationwide tournament. The tournament pits 68 of the top college teams against each other to determine which school is the year's champion.

The competition is played every year in March, and events surrounding the tournament are referred to as "March Madness."

Quicken Loans says any qualified entrant who has a perfect bracket will be paid in either an immediate $500 million lump sum or 40 annual installments of $25 million. If more than one perfect bracket is submitted, the winners must share the payout.

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