Final answer:
The equation relating the number of $1 bills (x) and the number of $5 bills (y) is y = x + 8.
Step-by-step explanation:
The equation relating the number of $1 bills (x) and the number of $5 bills (y) is:
y = x + 8
This equation states that there are eight more $5 bills than $1 bills in the wallet. We can see that the number of $5 bills (y) is equal to the number of $1 bills (x) plus 8. This equation allows us to determine the relationship between the two variables and solve problems involving the number of bills.