Step 1: First fold (diagonal).
The square is folded along a diagonal \(\Rightarrow\) the paper now becomes a right–isosceles triangle. A hole punched in this folded sheet would duplicate across the diagonal when opened \(\Rightarrow\) produces two symmetric holes.
Step 2: Second fold (again along the median of the triangle).
The triangle is folded once more to a smaller triangle (see the given folding sequence). Now any single punch in this twice-folded triangle will create four holes after full unfolding (mirror over the second fold, then over the first fold).
Step 3: Third fold (to a still smaller triangular flap).
The figure shows a further triangular tuck before punching. With three reflective folds, one punch generates eight holes arranged symmetrically about the two diagonals and the midlines of the square.
Step 4: Locate the punched point.
In the last folded view, the punch is made \emph{away from the edges and corners}—closer to the inner side of the folded triangle, not on a boundary. When unfolded through the three reflections, these eight images land \emph{near the mid-segments of the edges and along edge-adjacent positions}, but not at the exact corners and not at the centre.
Step 5: Match with options.
Option (c) is the only one that shows eight holes in symmetric positions around the square, away from corners and centre, matching the reflections produced by the folding sequence.
\(\boxed{\text{Option (c)}}\)