Step 1: Find the new radius.
Volume shrinks to \( V/64 \), so \( R'^3 = R^3/64 \Rightarrow R' = R/4 \). Mass is unchanged.
Step 2: Apply conservation of angular momentum.
\( I\omega = I'\omega' \Rightarrow \frac{2}{5}MR^2 \cdot \omega = \frac{2}{5}M\left(\frac{R}{4}\right)^2\omega' \Rightarrow \omega' = 16\omega \). New period: \[ T' = \frac{T}{16} = \frac{24}{16} = 1.5\,\text{hours} \] \[ \boxed{1.5\text{ hours}} \]