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 unfolded first to the top, two semicircles one each will appear similarly on the top side and right side.

When the paper is unfolded second time to the bottom, one circle will appear at the centre and two semicircles one each will appear left side and bottom side.

When the paper is unfolded again to the right, three circles one each will appear similarly on the top side, right side and bottom side. The semicircles will appear similarly at the edges of the paper.

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

Hence, the correct answer is Option B