From my point of view, I think this is a trick question, so it can't be 'e', because that would be too easy to guess. Wait a second...you're asking a question, so it can't be a sentence! Is that correct? (I might be wrong :), so don't blame me for being slow in the brain.)
Last letter but one means, The second last letter or we could say like second letter from the last.
For Example consider a word "Dialogue". Here last letter but one is 'U'.
y
it's - id's -
envelope
absence
Arizona has TWO of the the first letter in the alphabet (A) and Arizona has ONE of the last letter of the alphabet (B).
Least
its z but if one means back its y so there both right
The last letter included in the English alphabet was the letter J
The 24th and last one.
Z
z
The last letter of the alphabet is Z.