The sequence of folding a piece of paper and the manner in which the folded paper has been cut is shown in the following figures. How would this paper look when unfolded?

When the paper is unfolded first to the right, a semicircle will appear at the bottom side and a rectangle will form at the top side.

When the paper is unfolded second time to the right, a semicircle will appear at the bottom side, a rectangle will appear at the top side of the right part and rectangular will appear at the centre.

When the paper is unfolded again to the bottom, a rectangle will appear at the centre with two circles adjacent to it.

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

Hence, the correct answer is Option C