Step 1: Understanding the Concept:
A satellite orbiting at an altitude of approximately $35,800 \text{ km}$ above the Earth's equator is known as a geostationary or synchronous satellite.
Step 2: Key Formula or Approach:
The height of a geostationary orbit is specifically calculated so that the satellite's orbital period matches the Earth's rotational period.
$T = 2\pi \sqrt{\frac{(R+h)^3}{GM}}$
Step 3: Detailed Explanation:
The Earth rotates once on its axis every 24 hours.
For a satellite to appear stationary over a single point on Earth (geostationary), it must complete one revolution in exactly the same amount of time as Earth takes for one rotation.
The height of $35,800 \text{ km}$ is the standard altitude for such geostationary satellites.
Therefore, its time period must be 24 hours.
Step 4: Final Answer:
The time period of the satellite is 24 hours.