Let A be the area of paper, x be the width of the printed area, and y be the height of the printed area.
A = (x + 2(1.5))(y + 2(1)) and xy = 64
A = (x + 3)(64/x + 2)
A = 70 + 192/x + 2x
dA/dx = -192/x^2 + 2 = 0
96 = x^2
x = 4sqrt(6)
x + 3 ≠12.8 in.
y = 64/[4sqrt(6)] = 8sqrt(6)/3
y + 2 ≠8.53 in.