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

They serve two distinctly different purposes.

Abstract classes provide a way to have a an object inherit from a defined contract, as well as allowing behavior to be specified in the base class. This, from a theoretical standpoint, provides an IS-A relationship, in that the concrete class IS-A specific type of the base class.

Interfaces allow classes to define a (or more than one) contract which they will fulfill. They allow for a ACTS-AS or "can be used as an" type of relationship, as opposed to direct inheritance. This is why, typically, interfaces will use an adjective as they're name (IDisposable) instead of a noun.