For a first-order reaction, the half-life \( t_{1/2} \) is given by the equation:
\[
t_{1/2} = \frac{\ln 2}{K}
\]
where \( K \) is the rate constant. Given that:
\[
K = 2.31 \times 10^5 \, \text{s}^{-1}
\]
Substitute this value into the equation for \( t_{1/2} \):
\[
t_{1/2} = \frac{\ln 2}{2.31 \times 10^5} = \frac{0.693}{2.31 \times 10^5} \approx 3.00 \times 10^{-5} \, \text{s}
\]
Thus, the half-life of the reaction is \( 3.00 \times 10^{-5 \, \text{s}} \).