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 in four parts of the paper.

When the paper is unfolded first to the top, two circles will appear similarly on the top part.

When the paper is unfolded again to the right, two circles 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 A