3.5 hours is not right, you'd need an upload speed of 80KB/s to achieve that.
296kbps gives around 25-30 Kilobytes/second. 1 Gigabyte is about 1,050,000 Kilobytes.
At 25KB/s it will take you 40 seconds to upload 1MB. So 1000MB will take you 40,000 seconds which is 667 minutes which is 11.16 hours.
At 30KB/s it will take you 33 seconds to upload 1MB. 1000MB = 33,000s = 550 mins = 9.2 hours.