Virtual address translation
I suspect that the problem may lie in your title. 

There's a whole lot of real-world variety imaginable in memory architectures, and your book will describe them in the abstract. Importantly, in the real world the particular combination of segmentation and virtual addresses is not used. Intel's x86 architecture supports it, but most Operating Systems don't bother and just set all segments to be identical.

This question therefore does assume something non-standard, which means there needs to be some specification of how the hypothetical mechanism works. Importantly, does segmentation happen before or after virtual address translation?

In the model where segmentation checks happen first, 0x0FEC is not in the code segment. The top bits suggest it is, but the code segment is only 3686 bytes, not 4077 bytes.

Since the virtual address does not lie in any segment, using it would fail even before a virtual-to-physical translation happens.

Now in the model where segment bounds are checked later, you'd first create a physical address, which would use the 12K base address and the 4076 offset. This produces an physical address of almost 16K, past the 15.6K end of the code segment.