The context is as below:
A: Yesterday I visited Jim's home at 4 pm. But He wasn't at home.
B: He would have been out to the gym. I know that he often goes to the gym at that time.
I now that I can use:
(1)I think he was out to the gym....
(2)He must have been out to the gym...
(3)He would have been out to the gym...
(4)He could have been out to the gym...
What is the difference between these sentences above?
The most thing I want to know is if it is correct to use (3)"would have been" to make a speculation.