Solve the problem by using equations or inequalities.
Year-end bonus. A law firm has agreed to distribute 20% of its profits to its employees as a year-end bonus. To the firm’s accountant, the bonus is an expense that must be used to determine the profit. That is, bonus = 20% × (profit before bonus − bonus). Given that the profit before the bonus is $300,000, find the amount of the bonus using the accountant’s method. How does this answer compare to 20% of $300,000, which is what the employees want?
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