All cheques are bills but all bills are not cheque.
This is correct statement because both cheque and bill are piece of paper which displays money which is to be paid to someone.
A bill is a document which is drawn on any person and there is no name on the bill whereas cheque is a document which is drawn on the payee name only.
Both of these are documents which are used to pay the amount to someone.
A cheque can be drawn payable on demand while bill is drawn on expiry of certain period.
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Answer:
The rate is greater than 8%
Explanation:
Given

<em>Missing part of question</em>


Required
Is r > 1
We have:

Substitute values for r and I

Divide both sides by 1000

Add 1 to both sides

Take square roots of both sides


Subtract 1 from both sides

Multiply both sides by 100


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<em>Hence, the rate is greater than 8%</em>