Step 1: Identify the time expression.
The phrase “by the time she turns 32” indicates a deadline in the future.
It refers to an action that will be completed before a specific future time.
Step 2: Recall the correct tense.
For an action completed before a stated future time, we use the
future perfect tense:
\[
\text{will have + past participle}
\]
Step 3: Analyse the options.
Will win — simple future; does not show completion before a future point.
Would win — conditional, incorrect here.
Will have won — future perfect; correctly shows completion before age 32.
Will be won — passive voice, incorrect meaning.
Step 4: Select the correct option.
Hence, the correct answer is
\[
\boxed{\text{Will have won}}
\]