First, we write the half equations for the reduction of the chemical species present:
Cu⁺² + 2e → Cu; E° = 0.34 V
Ni⁺² + 2e → Ni; E° = - 0.23 V
In order to determine the potential of the cell, we find the difference between the two values. For this:
E(cell) = 0.34 - (-0.23)
E(cell) = 0.57 V
The second option is correct. (The difference in values is due to different values in literature, and it is negligible)