The DC collector current is determined by \$R_E\$:
\$I_C = \alpha \dfrac{9.4V}{R_E} \approx \dfrac{9.4V}{R_E}\$
Since you require \$I_C < 1.25mA \$, the constraint equation is:
\$R_E > \dfrac{9.4V}{1.25mA} = 7.52k\Omega\$
The second requirement, maximum output voltage swing, without any other constraint, doesn't fix the collector resistor value.
We have:
\$ V_{o_{max}} = 19.8V - I_C(R_C + R_E)\$
But, the voltage across \$R_E\$ is fixed at 9.4V so:
\$V_{o_{max}} = 10.4V - I_C R_C\$
\$V_{o_{min}} = -I_C * R_C||R_L\$
If you stare at this a bit, you'll see that maximum output voltage swing is 10.4V but this requires that the product \$I_C R_C = 0\$* which is absurd.
Now, if we also require symmetric clipping, then, by inspection:
(1) \$V_{o_{max}} - V_{o_{min}} = 2 I_C (R_C||R_L)\$
(2) \$10.4V = I_C(R_C + R_C||R_L) \$
Looking at (1), note that, for maximum swing, we get more "bang for the buck" by increasing \$I_C \$ rather than \$R_C \$.
Since we have an upper limit on \$I_C\$, (2) becomes:
\$R_C + R_C||R_L = \dfrac{10.4V}{1.25mA} = 8.32k \Omega\$
which can be solved for \$R_C\$.
*unless \$R_L\$ is an open circuit
Best Answer
Sound like you want to drive an opto-isolator with an LM231 output.
The LM231 has an open-collector output and cannot source current- so it won't work with your circuit as shown. It doesn't have a quite enough current capability to be guaranteed to drive the 7mA you've chosen for the opto.
Possible solutions include:
Use a better (higher CTR) opto-isolator and drive it with 5mA. Then you need only connect the optoisolator LED to Vcc with a series resistor.
Use a PNP emitter follower as so:
simulate this circuit – Schematic created using CircuitLab
As I mentioned in my comments, the 4N25 with a suitable load resistor (something like 7-10K) will be very slow and may not work up to 10kHz.
Edit: Your modified circuit will work, however use a 2N7000 or similar small MOSFET rather than an IRFB4310, use 470 ohms rather than 2K, and connect a 2K from the gate to Vcc (pullup resistor).