Android Studio - SDK Problem - Your Android SDK is missing, out of Date or corrupted.

(this was tested on Android Studio Bumblebee)

 You have installed the recent Android Studio successfully 

-You think-, but you go to New - New project you receive this error
SDK Problem - Your Android SDK is missing, out of Date or corrupted.

You click on Open SDK Manager, and you receive another warning saying that :

The Android SDK location cannot be at the filesystem root.

You click on Edit but even after some fake installation it says :

Android SDK is up to date.

SDK emulator directory is missing

The solution is :Close Android Studio -and download the 

SDK tools for Android Studio

Link1

After downloading it, extract it & copy the content (Android Folder) into this path 

c:\Users\(CurrentUser)\AppData\Local

Note : If you can't see AppData folder , then you must show hidden files from windows explorer.

Now, re-open Android Studio.

 &everything should work smoothly.