Warren Buffett will give an employee $1m a year for life if they get this right...

Warren Buffett, the second wealthiest person in the United States and CEO and Chairman of Berkshire Hathaway, is offering staff $1million (£800,000) a year for the rest of their life if they correctly predict the teams who will make it to the Sweet 16: the regional semi-finals of the NCAA Division I Men's Basketball Tournament.

68 college teams compete; and last year only 14 out of over 11 million entries on ESPN correctly guessed all 16.

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Buffett told CNBC: “If they can get to the Sweet 16, if there's only one of them, whoever it is, he or she gets a $1million dollars a year for the rest of their life . . . It's not impossible.”

He anticipates over 100,000 entries from his 367,700-strong workforce. And even if no one wins the $1million prize, whoever gets closest will win $100,000 (£80,000).