After a square sheet is folded top onto bottom and then right onto left, a round hole and a square hole are punched. Which figure shows the sheet when fully opened?

Each hole keeps its shape. Undo right-onto-left first: each hole gets a twin mirrored to the right half. Then undo top-onto-bottom: all four are mirrored into the top half. Round holes end up near the left and right edges and square holes near the middle, symmetric about both centre lines: (c).