For a Mg | Mg^2+( aq )|| Ag^+( aq )| Ag the correct Nernst Equation is:

$\displaystyle \mathrm{E}_{\text {cell }}=\mathrm{E}_{\text {cell }}^{\mathrm{o}}-\frac{\mathrm{RT}}{2 \mathrm{~F}} \ln \frac{\left[\mathrm{Ag}^{+}\right]}{\left[\mathrm{Mg}^{2+}\right]}$

$\displaystyle \mathrm{E}_{\text {cell }}=\mathrm{E}_{\text {cell }}^{\mathrm{o}}-\frac{\mathrm{RT}}{2 \mathrm{~F}} \ln \frac{\left[\mathrm{Ag}^{+}\right]^2}{\left[\mathrm{Mg}^{2+}\right]}$

$\displaystyle \mathrm{E}_{\text {cell }}=\mathrm{E}_{\text {cell }}^{\mathrm{o}}+\frac{\mathrm{RT}}{2 \mathrm{~F}} \ln \frac{\left[\mathrm{Ag}^{+}\right]^2}{\left[\mathrm{Mg}^{2+}\right]}$

$\displaystyle \mathrm{E}_{\text {cell }}=\mathrm{E}_{\text {cell }}^{\mathrm{o}}-\frac{\mathrm{RT}}{2 \mathrm{~F}} \ln \frac{\left[\mathrm{Mg}^{2+}\right]}{\left[\mathrm{Ag}^{+}\right]}$