Problem:
Find the last $2$ digits of $7^{2008}$.
Unfortunately I have no idea how to solve this problem. I know that for the last digit, we have to apply the concept of cyclicity, but I'm not aware of how to extend this to the last $2$ digits. I would be truly grateful for any help. Many thanks in advance!
Just a clarification to Subhadeep's answer in case it is confusing.
Let us first build a small table with everything larger than 100 in parentheses: $$\begin{array}{lr}7^0 = &1\\ 7^1 =& 7\\ 7^2 =& 49\\ 7^3 =& (3)43\\ 7^4 =& (24)01\\ \end{array}$$
So we see that after 4 we get "back" to 1. This means $7^{4k}$ will end in 01 for all $k$. So if we can calculate the exponent modulo 4 we can see which of 01,07,49,43 it will be.
As the exponent 2008 is divisible by 4 it must be "01".