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 right, a circle will appear at the centre and a semicircle will appear towards top.

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

When the paper is unfolded again to the right, two circles will appear at centre of right part, four semicircles will appear similarly like in the left part.

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

Hence, the correct answer is Option B