This is incorrect you can do time based range
access-list 100 permit ip any 172.24.0.0 0.0.0.255 time-range 8to5
access-list 101 permit ip 172.24.0.0 0.0.0.255 any time-range 8to5
time-range 8to5
periodic weekdays 8:00 to 17:00
interface FastEthernet 0/1
rate-limit output access-group 100 1024000 192000 3at84000 conform-action transmit exceed-action drop
rate-limit input access-group 101 1024000 192000 384000 conform-action transmit exceed-action drop