J.R. S. answered 11/25/21
Ph.D. University Professor with 10+ years Tutoring Experience
Take a look at the overall reaction which shows Fe3+ going to Fe2+ and I2 going to IO3-.
This indicates the following:
Fe3+ + electrons ==> Fe2+ REDUCTION (cathode)
I2 ==> IO3- + electrons OXIDATION (anode)
So, while you would be correct that 1.10 V would normally represent the cathode, in this case, it is opposite and this is the oxidation reaction, so it is the anode. Clearly the reaction will not be spontaneous since the Eº is negative.
Eº = cathode - anode
Eº = 0.77 V - 1.10 V = -0.33 V