Why do both the abstract class and interface exist in C#?

Question

Why do both the abstract class and interface exist in C# if we can achieve the interface feature by making all the members in the class as abstract.

Is it because:

Answer 1

An Interface defines a contract that an implementing class must fulfil; it is a way of stating that "this does that". An Abstract Class is a partial implementation of a class which is by definition incomplete, and which needs a derviation to be completed. They're very different things.