The 98% isn't on the label to tell you its concentration it is there for when someone tests it and finds 2% dead rat that fell in the vat they can say that they did point out it wasn't pure enough to use for laboratory use. The water in it is probably 99.9% water 'cos that is cheap. The concentration is probably waaaaay down cos if it isn't someone else will buy some, dilute it, and resell it still as 98%.
If you look at the more common hydrochloric acid sold as brick cleaner etc every now and then one of them does actually mention the concentration and you can see how the cheaper versions are made to con people who look at price not value.