The Nernst equation is a key equation used to calculate the cell potential when the reaction is not under standard conditions. The equation relates the potential of an electrochemical cell to the concentration of reactants and products in the reaction.
Given:
- \( E^\circ_{\text{cell}} = 1.10 \, \text{V} \) (standard cell potential),
- \( n = 2 \) (number of moles of electrons transferred),
- \( k = 10^3 \) (equilibrium constant).
Now, substitute these values into the Nernst equation:
\[
E_{\text{cell}} = 1.10 - \frac{0.0591}{2} \log(10^3)
\]
\[
E_{\text{cell}} = 1.10 - \frac{0.0591}{2} \times 3
\]
\[
E_{\text{cell}} = 1.10 - 0.08865
\]
\[
E_{\text{cell}} = 1.01135 \, \text{V}
\]
Thus, the correct answer is \( E_{\text{cell}} = 1.01 \, \text{V} \).