Answer:
t=0.42s
Step-by-step explanation:
Here you have an inelastic collision. By the conservation of the momentum you have:

m1: mass of the bullet
m2: wooden block mass
v1: velocity of the bullet
v2: velocity of the wooden block
v: velocity of bullet and wooden block after the collision.
By noticing that after the collision, both objects reach the same height from where the wooden block was dropped, you can assume that v is equal to the negative of v2. In other words:

Where you assumed that the negative direction is upward. By replacing and doing v2 the subject of the formula you get:

Now, with this information you can use the equation for the final speed of an accelerated motion and doing t the subject of the formula. IN other words:

hence, the time is t=0.42 s