Need a formula to display numbers, thousands as "K" , millions as "M"

Instead of displaying $5,500,000 display as $5.5 M, 50,000 display as $50K. Pease help me with the formula.

For ex: in the below screenshot, i have column Amount mentioned as $13,145,925.6 in the test column i need value as $13.14 M. Same with thousands.




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