Add the measurements of the perimeter of the quilt. 96+96+110+110 = 412. Add another 12 inches for seams, miters, etc. making the number to 424. Divide 424 by 40. This is the approx amount of usable inches in a width-of-fabric. So, 424/40 = 10.6. Round that number up to the nearest whole number. So, you'll need 11 strips at 2.5" wide, making that 26.5" inches of yardage, so approx 3/4 yard. Hope that made sense
Note** - This math is for binding cut along the width-of-fabric, NOT bias and NOT straight-grain**