The simplified equations only work when you observe some basic assumptions. The most important being that the transistor is operating in it's linear region.
Leave out the transitor for a moment. How much current would you get through Rc if it was connected directly between the 20V supply and ground?
Then add in Re. You should end up with 20/(80 + 6.8) = 230 mA. This will be the maximum current that can possibly flow through the transistor. Given that there will be a small voltage drop across the transistor and errors from the resistor tolerance, that is very close to the measured value of 222mA.
Depending on what you are trying to achieve you may need to reduce the collector resistor or reduce the targeted collector current.
One major parameter which decide biasing in BJT transistors is Bias Stability. As β (hFE) widely varies from transistor to transistor. An stable biasing will provide minimum alteration in the Q-point on wide changes in β.
Mathematically stability factor is denoted by,
S= delta Ic / delta Icb.
S depends on the circuit configuration and
the bias resistors. S should be as small as possible.
Consider the thress biasing,
Now you can choose a biasing with low value of 'S' for better stability.
We never desire high value of 'S'. If one of the transistor stop working in your design then it's replacemnt may not have the same Beta. You want least effect on the Q-point due to the error in beta value. So need a low value of 'S'.