How do I deal with placeholders for Win32 error messages?

I would like to present meaningful error messages when my program encounters Win32 errors. I call GetLastError, and then FormatMessage. But some of the error messages contain placeholders. For instance, ERROR_BAD_EXE_FORMAT has the text:

%1 is not a valid Win32 application.

Presumably, the %1 is meant to be replaced by the name of the module which is not valid. How can I effect that replacement?

Note that I would ideally like a general solution because I note that there are many errors with placeholders. I can see the following messages in the documentation:

• The wrong diskette is in the drive. Insert %2 (Volume Serial Number: %3) into drive %1.
• The operating system cannot run %1.
• This version of %1 is not compatible with the version of Windows you're running. Check your computer's system information and then contact the software publisher.
• The image file %1 is signed, unable to modify.
• The system cannot find message text for message number 0x%1 in the message file for %2.
• ... and so on.

I think Raymond Chen effectively answers the question in a comment on his blog where he writes:

It bugs me too that system error messages contain %1 insertions that you just have to "know" on a case-by-case basis.