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 opened, the pattern of cutting will be similar on the four parts of the paper.

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

When the paper is unfolded again to the right, one circle each will appear similarly at the top right and bottom right part of the paper.

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

Hence, the correct answer is Option D