Step 1:

Mass of the bullet m is 22 g=0.022 kg.

Initial velocity of the bullet is 290 m/s .

Final velocity of the bullet is 140 m/s .

Mass of the tagret M is 2 kg.

Change in velocity is m/s.

Conservation of momentum:

In a collision, the momentum change of object 1 is equal to and opposite of the momentum change of object 2. 

So momentum change of bullet.

Momentum change in target.

Conservation of momentum 

Change in velocity of target = 1.65 m/s .

The target is initially at rest so V_i = 0 .

Change in velocity of target =  V_f  - V_i = 1.65 m/s 

V_f  - 0 = 1.65 m/s 

V_f = 1.65 m/s 

So the targets speed just after the bullet emerges is  1.65 m/s .