A software company in Arcadia used to bill its clients $230 per hour for work done by its consultants. The company recently adjusted its hourly rate, making it 20% more. What is the new hourly billing rate?

$276 per hour

Calculation:
Old hourly rate = $230
20% increase = 0.20 * $230 = $46
New hourly rate = $230 + $46 = $276