Concept:
Since
\[
88=8\times11,
\]
the number must be divisible by both \(8\) and \(11\).
Step 1: Apply divisibility by 8.
The last three digits are
\[
42y
\]
Testing the options:
\[
424\div8=53
\]
Hence \(y=4\) works.
\[
426
\]
is not divisible by \(8\).
\[
428
\]
is not divisible by \(8\).
Therefore,
\[
y=4
\]
Step 2: Apply divisibility by 11.
The number becomes
\[
7x3424
\]
For divisibility by 11,
\[
(7+3+2)-(x+4+4)
\]
must be a multiple of \(11\).
\[
12-(x+8)
\]
\[
=4-x
\]
This must be \(0\) or \(\pm11\).
Thus,
\[
4-x=0
\]
\[
x=4
\]
Hence,
\[
(x,y)=(4,4)
\]
Therefore,
\[
\boxed{(4,4)}
\]