You are in a dispute with a pay-day lender over the correct interest rate. You had deposited $3,000 with them 3 years ago. Now you have a balance of exactly $7,000. The pay-day lender claims to have paid you an interest rate of 11%. By how many basis points is the pay-day lender misstating the true annual interest rate? (Include a negative sign if the pay-day lender is understating the interest rate.)