need urgent help with VLookup or overtime excel formula.

=IF((L8:L334 ="OT1"),K9*1.5,IF(L8:L334="OT2"),K9*2,IF(L8:L334="N"),K9))

I have tried above formula, that doesn't make sense to excel. What I am trying to do is

If cell L8 to L334 contains a cell called OT1, then the previous cell (K something) is multiplied by 1.5. If cell L8 to L334 contains a cell called OT2, the previous cell (K some number) is multiplied by 2. If cell L8 to L334 contains a cell called N, that previous cell (K) exist as it is. Please see the attachment for what I mean in excel.

Thank you so much in advance for excel experts.

John