Step 1: Understanding the Concept
Cell constant is the ratio \(l/A\) of the conductivity cell. Conductivity is \(\kappa = \dfrac{1}{R}\cdot\dfrac{l}{A}\).
Step 2: Key Formula or Approach
\[ G^* = \frac{l}{A} = \kappa\,R \]
Step 3: Detailed Explanation
\[ G^* = 0.0123\ \text{ohm}^{-1}\text{cm}^{-1} \times 120\ \text{ohm} = 1.476\ \text{cm}^{-1} \]
The molarity 0.02 M is not needed for this step, because the conductivity already contains that information.
Final Answer:
The cell constant is 1.476 cm\(^{-1}\), option (D).
\[ \boxed{1.476\ \text{cm}^{-1}\ \text{(D)}} \]