What is Nernst equation and give its significance ?

Nernst gave a relationship between electrode potential and concentration of electrolyte solution known as Nernst equation. For a general electrode reaction,
Mn+(aq) + ne-  M(s)
the Nernst equation is

E(Mn+|M) = E°(Mn+|M) - RTnFln[M(s)][Mn+(aq)]

Where E(Mn+|M) = electrode potential
Eo​(Mn+|M) = Standard electrode potential
R = Gas constant, T = Temperature, F = Faraday constant
n = Number of electrons gained during electrode reaction
[Mn+(aq)] = Molar concentration of ions, [M(s)] = concentration of metal

Significance of Nernst equation:
1) It can be used for calculation of cell potential
2) ​It can be used for calculation of concentration of a solution of Half cell.
3) Equilibrium constant can be calculated from this equation.

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