Suppose a portfolio manager is considering the purchase of a patriot bond, a 10-year, 7% non-callable bond selling at $1012.90 per $1000 of par value. Assume also that the portfolio manager's investment horizon is 4 years. The portfolio manager believes the reinvestment rate range can vary from 3% to 6% and the discount rate at the end of the investment horizon from 4% to 7.5%. Use 25 bps grids to compute the various return scenarios. Identify all the scenarios that generate less than 4% annualized return.