Solution:

Dimensions of the cuboid = 15 cm× 10 cm × 3.5 cm

Volume of the cuboid = 15×10×3.5 = 525 cm³

Radius of each depression, r = 0.5 cm

Depth, h = 1.4 cm

Volume of conical depression = (1/3)r²h

= (1/3)×(22/7)×0.5²×1.4

= 22×0.25×1.4/21

= 7.7/21 cm³

Volume of 4 such conical depressions = 4×7.7/21

= 1.467 cm³

Volume of wood in the stand = Volume of the cuboid- Volume of 4 conical depressions

= 525-1.467

= 523.533

= 523.53 cm³

Hence the volume of the wood in the stand is 523.53 cm³.