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Default Percent and dollars in Same Column

Hello
I have column M, in this column there are only 2 numbers either a 5 or a 1
.. Column P has numbers/values. Now if the value in column M is a 5 that
means that the value in column P should equal to dollars. If the value in
column M is a 1 then the value in column P should equal % e.g Column P =
5 then column O should read $125.10 -Column P = 1 then value in column O
= 5% Whatever value is in column P should either be a dollar value or a %
value. Is there a formula to automate this ? I have about 300 rows and
it is taking forever, and this is a monthly report thank you in advance
 
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