Dead Man’s Chest

Five pirates of different ages want to divide a treasure of 100 gold coins. They agree that the oldest among them will propose how to divide the coins, and then all the pirates will vote on the proposal. If more than half the pirates support it, it will be adopted and the coins distributed accordingly. Otherwise the proposer will be thrown overboard and the process repeated with the remaining pirates.

If all five pirates are smart, rational, greedy, and fearful of death, what will happen?

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