This is what should be the case:
the npn transistor requires a voltage at V
BE to operate [just like a diode has an operating voltage]
this voltage across Base-Emitter is roughly 0.7 V. Hence at saturation [transistor working as a closed switch]
we also know that

and the base voltage in this case, is our operating point.
Hence V
E will be at a mean of V
B-V
BE = 4-0.7=3.3V
at saturation, V
B is maximum, 4 + 0.15V = 4.15V
making V
E = 4.15 - 0.7 = 3.45V ~3.5V
since also at saturation CE [collector emitter] is 0 [transistor is acting like a closed switch], and V
E is parallel to V
out, we can safely say that the lowest it can go is ~3.5V, and the maximum is 20V
that, passed through the collector capacitor [mean DC voltage of 12], will result in clipping at +8 and -8.5. For the sake of VCELand, we make that

the answer is NOT +8 -12, VCAA is crapped themselves in this one.