Step 1: Understanding the Concept:
For a first-order reaction the half-life does not depend on the initial concentration. It is linked to the rate constant by a fixed relation.
Step 2: Key Formula:
\[ k = \dfrac{0.693}{t_{1/2}} \]
Step 3: Substitute:
\[ k = \dfrac{0.693}{1386} = 5 \times 10^{-4} \text{ s}^{-1} = 0.5 \times 10^{-3} \text{ s}^{-1} \]
This follows since \(1386 = 2 \times 693\), so \(\dfrac{693 \times 10^{-3}}{1386} = 0.5 \times 10^{-3}\).
Step 4: Why the other options are wrong.
\(5.5 \times 10^{-2}\), \(5 \times 10^{-2}\) and \(5 \times 10^{-3}\) s\(^{-1}\) are 110, 100 and 10 times too large, which would give half-lives of about 12.6 s, 13.9 s and 139 s.
Final Answer:
The rate constant is \(0.5 \times 10^{-3}\) s\(^{-1}\).
\[ \boxed{\text{(B) }0.5 \times 10^{-3}\ \text{s}^{-1}} \]