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

When the paper is unfolded first to the top, a star will appear on the top part similarly.

When the paper is unfolded again to the right, one star each will appear on the top right and bottom right similarly.

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

Hence, the correct answer is Option C