Step 1: Write the reduction reaction.
The given half-cell reaction is:
\[
Fe^{3+}+e^- \rightarrow Fe^{2+}
\]
Here, the number of electrons transferred is:
\[
n=1
\]
Step 2: Write the Nernst equation.
For the reduction reaction:
\[
E = E^\circ - \frac{0.0591}{n}\log Q
\]
where
\[
Q=\frac{[Fe^{2+}]}{[Fe^{3+}]}
\]
Step 3: Substitute the given concentrations.
\[
[Fe^{2+}] = 2.2M,\quad [Fe^{3+}] = 0.04M
\]
So,
\[
Q=\frac{2.2}{0.04}
\]
\[
Q=55
\]
Step 4: Substitute values in Nernst equation.
\[
E = 0.771 - \frac{0.0591}{1}\log(55)
\]
\[
E = 0.771 - 0.0591\log(55)
\]
Step 5: Evaluate logarithmic value.
\[
\log(55) \approx 1.740
\]
Therefore,
\[
0.0591 \times 1.740 \approx 0.103
\]
Step 6: Calculate reduction potential.
\[
E = 0.771 - 0.103
\]
\[
E = 0.668\ V
\]
Step 7: Final conclusion.
Thus, the reduction potential of the half-cell is:
\[
\boxed{0.668\ V}
\]