Quicken Loans announced it has partnered with the holding company to offer $1 billion paid in 40 annual installments of $25 million to the winner, but mathematics proves that the legendary investor's company almost certainly won't give away a dime.
Ahead of the 2012 tournament, DePaul University Professor Jeff Bergen explained that the odds of a person filling out a perfect bracket -- which includes 63 games played (a Quicken Loans spokesman confirmed that they are not including the play-in games) -- are 9.2 quintillion to one.
"So, if you're just guessing, you basically have no chance," Bergen said in a video posted by DePaul Newsroom.While the headline $1 billion prize likely will attract scores of participants to give Quicken Loans a massive number of emails to add to its books, Berkshire Hathaway likely won't have to pay up. The two companies have already adjusted for this strong possibility by offering 20 "first prize" awards of $100,000 to the top 20 "most accurate imperfect brackets."
The announcement accounted for multiple winners -- mathematics again proves that this outcome, though improbable, isn't impossible -- by saying the $1 billion prize would be shared evenly. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts