The answer is
Physical properties: Properties that do not change the chemical nature of matter
Chemical properties: Properties that do change tha chemical nature of matter
Examples of physical properties are: color, smell, freezing point, boiling point, melting point, infra-red spectrum, attraction (paramagnetic) or repulsion (diamagnetic) to magnets, opacity, viscosity and density. There are many more examples. Note that measuring each of these properties will not alter the basic nature of the substance.
Examples of chemical properties are: heat of combustion, reactivity with water, PH, and electromotive force.
First, you need to calculate the standard cell potential using standard reduction potential from a textbook or online. Since Mg becomes Mg+2, magnesium is being oxidized because it is losing electrons, you need to flip its potential
Fe+2 + 2e- --> Fe potential= -0.44
Mg+2 + 2e- --> Mg potential= -2.37
Cell potential= (-0.44) + (+2.37)= 1.93 V
Now, you need to use Nernst formula to get the answer. I have attached a PDF with the work.
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