Step 1: Let the required point be \( (0, y) \)
Since the point lies on the \( y \)-axis, its coordinates are \( (0, y) \).
Step 2: Use the distance formula
The distance of \( (0, y) \) from \( (5, -2) \):
\[
d_1 = \sqrt{(0 - 5)^2 + (y + 2)^2} = \sqrt{25 + (y + 2)^2}
\]
The distance of \( (0, y) \) from \( (-3, 2) \):
\[
d_2 = \sqrt{(0 + 3)^2 + (y - 2)^2} = \sqrt{9 + (y - 2)^2}
\]
Step 3: Equate distances and solve for \( y \)
\[
\sqrt{25 + (y+2)^2} = \sqrt{9 + (y-2)^2}
\]
Squaring both sides:
\[
25 + (y+2)^2 = 9 + (y-2)^2
\]
Expanding:
\[
25 + y^2 + 4y + 4 = 9 + y^2 - 4y + 4
\]
Cancel \( y^2 \) on both sides:
\[
25 + 4y + 4 = 9 - 4y + 4
\]
\[
29 + 4y = 13 - 4y
\]
\[
8y = -16
\]
\[
y = -2
\]
Thus, the correct answer is \( (0, -2) \).