An even easier method.. (if you have the right size)
1. Use a hole saw in a piece of wood. Drill right through it (this is your template).
2. Remove the drill bit from the hole saw and use the piece of wood (template) as your guide. Put the lexan below and drill. (the piece of wood / template stops the hole saw from spinning around and gives you nice circles)
Now you have a perfect circle in a matter of seconds