For a first-order reaction, the relationship between the half-life and the rate constant is:
\[
t_{1/2} = \frac{0.693}{k}
\]
Given:
\[
t_{1/2} = 1386 \, \text{seconds}
\]
Now solve for \( k \):
\[
k = \frac{0.693}{1386} \approx 0.0005 \, \text{s}^{-1}
\]
Expressed in scientific notation:
\[
k = 0.5 \times 10^{-3} \, \text{s}^{-1}
\]
This matches option (1).