A student constructs a galvanic cell at \(298\text{ K}\) based on the reaction represented below.

\[ \text{Mg}(s) + \text{Fe}^{2+}(aq) \rightarrow \text{Mg}^{2+}(aq) + \text{Fe}(s) \quad E^\circ_{\text{cell}} = +1.93\text{ V} \]

The initial concentration of \(\text{Fe}^{2+}(aq)\) in the cathode compartment is \(1.0\text{ M}\), and the initial concentration of \(\text{Mg}^{2+}(aq)\) in the anode compartment is \(0.010\text{ M}\). Which of the following correctly compares the initial cell potential, \(E_{\text{cell}}\), to the standard cell potential, \(E^\circ_{\text{cell}}\), and provides the valid justification?