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Solve for $y$: $ \cfrac{1}{|y+\frac{7}{y}|}=\cfrac{y}{56} $

$7$

$-7$ or $7$

$ \sqrt{63} $ or $ -\sqrt{63} $

$7$ or $-7$ or $\sqrt{63} $ or $ -\sqrt{63} $

None of these answers are correct.