Step 1: Calculate the refractive index of the liquid.
\[
n = \frac{\text{Real depth}}{\text{Apparent depth}} = \frac{12.5}{9.0} \approx 1.39
\]
Step 2: Determine the speed of light in the liquid.
\[
v = \frac{c}{n} = \frac{3 \times 10^8}{1.39} \approx 2.16 \times 10^8 \, \text{m/s}
\]
Final Answer:
\[
v \approx 2.2 \times 10^8 \, \text{m/s}
\]