The bullet will hit the monkey
if there was no acceleration due to gravity then the monkey wouldnt fall and the bullet would hit the monkey at the branch of the tree where the monkey was sitting
but bcoz of same acceleration due to gravity acting on BOTH the bullet and the monkey,the bullet would hit the monkey at a distance 1/2gt^2 (in a time 't')from the branch where the monkey was sitting
what is 2 be noted is that the same force acts on both the monkey n the bullet(component of bullet's velocity perpendicular to the ground)
rate if useful
cheerssssss!!!!!!!!!