If $$\left(2y + \frac{2}{y}\right) = 7$$, find the value of $$\left(y^2 + \frac{1}{y^2}\right)$$.

A

$$\frac{41}{4}$$

B

$$\frac{45}{4}$$

C

$$\frac{49}{4}$$

D

$$\frac{49}{2}$$