A pirate ship holding five pirates finds a treasure of 1000 golden coins. The treasure must be split among the five pirates. They are, in order of rank: Pirate 1, Pirate 2, Pirate 3, Pirate 4, and Pirate 5.
The pirates have three important characteristics: infinitely smart, infinitely bloodthirsty, and infinitely greedy.
Starting with the lowest ranked Pirate 5, they each must propose a way to split the treasure among them. If the proposal is not accepted by a majority of the pirates, the proposing pirate will be thrown overboard.
What proposal should Pirate 5 make?