I mean technically....with the way it's folded now, the answer would be E.
If that last step folded two sheets, then your answer would be two holes- top-most & bottom-most left.
If that last step folded three sheets, then your answer would be D.
So yes, technically it could be three different answers, but the DAT will not purposely try to confuse you like this. You should just fold one sheet over at a time. I know we tend to over-analyze things, but you don't need to here.
Hope this helps/made sense! 🙂