Step 1: Understanding the Concept
For the half cell \(\text{Mg}^{2+}+2e^{-}\rightarrow \text{Mg}\), the Nernst equation at 298 K is \(E=E^{\circ}-\dfrac{0.0591}{n}\log\dfrac{1}{[\text{Mg}^{2+}]}\) with \(n=2\).
Step 2: Calculation
\(E=-2.36-\dfrac{0.0591}{2}\log\dfrac{1}{0.01}\)
\(\log 100=2\), so \(E=-2.36-0.0591\).
Step 3: Compare the options
\(E\approx -2.419\) V, which rounds to \(-2.42\) V, option (A).
Final Answer:
The electrode potential is about \(-2.42\) V.
\[ \boxed{\text{(A) }-2.42\text{ V}} \]