Joan Jing has recently bought an agency and manages the operation full-time. She employs two full-time employees. Joan has invested $175,000 in buying the business. The current bank deposit rate offered is 6% per annum. (The additional risk premium rate allowed for businesses in this industry is 10%.) It is anticipated that it would cost $60,000 per annum to employ a person with the necessary skills and experience full-time.

Calculate the desired annual profit target, that is, the minimum acceptable profit required and show all workings.