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Default Text Function 2nd argument

I would like to format 1000000 (1 million) using the Text Function into $1M.
It works for K:
a1=1000
=TEXT(D15,"$#,###,k") Works fine
but
when a1=1000000
and I replace the K with an M, I get a #value error
I would like my end result to look like: $1M

It was successful just using the Formatcellscustom.
THANKS!
Gene:)
 
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