How do I change this parametric equation: $x=t+1/t, y=t^2 + 1/t^2$ into a Cartesian equation?

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I've just started parametric equations on my own & I am a bit confused on how to convert this parametric equation into a Cartesian equation.

$$\begin{array}{rcl} x=t + \frac{1}{t}, y= t^{2} + \frac{1}{t^{2}} \end{array}\qquad$$

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Hint: compute $x^2$ and subtract $y$