A piece of paper is folded and punched as shown below in the question figures. From the given answer figures, indicate how it will appear when opened.

When the paper is unfolded first to the top, a circle will appear at the center of the part.

When the paper is unfolded again to the top, a circle will appear at the top side of the part.

When the paper is unfolded completely to the bottom, two circles one each will appear at the right and bottom of the paper.

$$\therefore\ $$When the paper is opened it will appear as shown below

Hence, the correct answer is Option A