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 right, a rhombus with small circle below it will appear similarly on the right side part.

When the paper is unfolded again to the bottom, a rhombus with small circle each will appear similarly on the bottom left and bottom right parts.

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

Hence, the correct answer is Option C