The Nernst equation is used to calculate the electrode potential at non-standard conditions:
\[
E = E^{\circ} - \frac{0.0591}{n} \log \left( \frac{[\text{Fe}^{2+}]}{[\text{Fe}]}\right)
\]
Where:
- \( E^{\circ} \) is the standard electrode potential,
- \( n \) is the number of electrons transferred (for Fe\textsuperscript{2+} to Fe, \( n = 2 \)),
- \( [\text{Fe}^{2+}] \) is the concentration of Fe\textsuperscript{2+} (given as 0.01 M),
- \( [\text{Fe}] \) is the concentration of solid iron (which is 1 M in standard conditions).
Substituting the given values into the equation:
\[
E = -0.45 - \frac{0.0591}{2} \log(\frac{1}{0.01})
\]
\[
E = -0.45 - \frac{0.0591}{2} \times (2) = -0.45 + 0.0591
\]
\[
E = - 0·509 \, \text{V}
\]
Thus, the potential of the iron electrode is approximately \(-0·509\) V.