Answer:

Conceptual:
Using the idea of momentum conservation to answer this question.
What is momentum?
Momentum is a quantity an object has as it is in motion and is the product of that objects mass and velocity. Momentum is a conservable quantity as long as there are no external forces acting on the system. Momentum is measured in (kg·m²)/s and it is a vector quantity. We can calculate momentum using the following formula.

Step-by-step:
Given:

Find:

In order to tackle this problem we need to analyze the objects before the collision and after the collision.
The initial momentum of the system:

The final momentum of the system:
At this point the bullet is embedded in the wood so we can treat them as one object.

Momentum is conserved. Thus, the initial momentum of the system must equal the final momentum of the system.

Thus, the bullet's initial velocity was found.