how to locate magento email template folder

In a fresh installation of native Magento, the email templates are stored in the _________________.
a. email folder of the current theme
b. app/design/email folder
c. app/locale/_LOCALE_/template/email folder
d. app/design/base/default/default/template/email folder

Correct answer is:

app/locale/_LOCALE_/template/email folder

the reason is that magento normally creates templates for email there in local folder