MicrosoftSorry, but I don't know where they are stored, other than it will (presumably) be within the excel workbook.
It may be that sometimes the image will be held by Excel with a reference from the worksheet to an image as an object within the sheet.
And - for some, may not anchor them to a particular cell let alone a particular location within the cell or it's contents.
Considering referencing the image using formulas and code -
Excel (again AFAIK) has variant types for storing sets of data attributes about the content and formatting of a cell,
but does not include facilities to manipulate images as the value within a cell - just numbers and character strings.
Considering the insertion of an image -
I could quote from
http://www.exceldemy.com/insert-picture-into-excel-cell
but considering copyright it is probably best to just include a pointer to their work.
