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

When the paper is unfolded first to the right, a pentagon will appear towards the right and a circle towards the top right.

When the paper is unfolded again to the top, two pentagons one each will appear on the top and left of the paper and two circles one each will appear on the top right and bottom left similarly.

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

Hence, the correct answer is Option D