A Company Buys a Caplet Today (Time 0)with Maturity T

A company buys a caplet today (time 0) with maturity T = 1 year and a strike rate of k = 3 percent on a notional of L_N = $200 million.Suppose the six-month bbalibor rate realized after one year is 4.5 percent.Assume that there are 181 days in this six-month period and the year has 365 days.
-Which of the following statements is NOT true with respect to the average forward rate volatility?

A) It can be estimated using historical data on forward rates.
B) It can be estimated implicitly using caplet prices.
C) If the HJM libor model is rejected using historical data,it can be estimated using calibration.
D) If the HJM libor model is accepted using historical data,it can be estimated using calibration.
E) If the HJM libor model is rejected,it can be estimated using historical data.