The circumference of a circle is given by:

In which d is the diameter.
Old circumference:
98.5 in
New circumference:
110.9 in
Increase:
We have to find a value x for which:
98.5x = 110.9
So
x = 110.9/98.5
x = 1.1259
The new tire circumference is 1.1259 times the original. This means that the true speed will be 1.1259 times the speedometer.
We have that:
The speedometer is 50 mph.
1.1259*50 = 56.3 mph
Your actual speed would be of 56.3 mph, which would be above the speedometer.