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

When the paper is unfolded, the pattern of cutting will be similar in the four parts of the circle.

When the paper is unfolded first to the left, a star and semicircle will appear in the left part and the star will be towards the star of the top part and the semicircle will away from the semi circle of the top part.

When the paper is unfolded again, a star and semicircle each will appear similarly in the right part and bottom part of the paper.

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

Hence, the correct answer is Option B