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June 8, 2010

Five Pirates

5 pirates of different ages have a treasure of 100 gold coins.

On their ship, they decide to split the coins using this scheme:

The oldest pirate proposes how to share the coins, and all pirates
remaining will vote for or against it.

If 50% or more of the pirates vote for it, then the coins will be shared
that way. Otherwise, the pirate proposing the scheme will be thrown
overboard, and the process is repeated with the pirates that remain.

Assuming that all 5 pirates are intelligent, rational, greedy,
and do not wish to die, (and are rather good at math for pirates)
what will happen?