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 right, a small circle will appear towards top and the remaining semicircle and rectangle will appear similarly towards right.

When the paper is unfolded to the top, larger circle will appear at the centre, small circle will appear towards top and the remaining cuts will appear similarly.

When the paper is unfolded again to the left, it will appear as shown below

Hence, the correct answer is Option D