2" folded in half = 1", stitched to one side w/ 1/4" seam allowance leaves 3/4", folded over the back (taking into account the 1/4" on the front, 1/4" on the back- you will have a 1/4" seam allowance on each side ...you need at least 1/2" more (or 2 1/2" strips) in order to get a 1/2" on each side. ... that seems awful wide for such a small quilt- but some people do seem to like the look of wide bindings (personal choice I guess) but do understand it will be much narrower with your current measurements