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In the first version of this problem. Alex(Oldest of all 5) will have to divide the money in 50-0-1-0-49. Because Eddie(youngest) will anyway have a second chance to earn atleast 1 coin when its Colin's (middle) turn. So he can safely demand for 49 from Alex for saving his life, who is also aware of this situation.
Or even in worse case Eddie can demand for almost 98 coins! Because he is the one who can decide whether Alex(oldest) will live or die. So proportion will be 1-0-1-0-98 (Oldest to youngest).
I would prefer the 2nd solution in which the youngest pirate gets 98 the massive share.
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