Since we're interested in the last two digits (in base $10$), we're interested in the result mod $100$. We must solve $n^{122} - 96n^{81} = 77 \mod 100$ . Since $77$ is not divisible by $2$ or $5$, we may deduce that neither is $n$. Therefore, $n$ and $100$ are co-prime.
The number $100$ is not prime, so we can't apply Fermat's theorem. We can however apply its generalization, Euler's theorem.
This shows:
$$n^{\phi(100)} = 1 \mod 100$$
where $\phi$ is Euler's totient function (counting the numbers from 1 to 100 which are coprime to 100). We have $\phi(100) = 2*1*5*4 = 40$, so $n^{40} = 1 \mod 100$.
We can simplify our equation to solving:
$$n^{2} - 96n^{1} = 77 \mod 100$$
This gives $(n-48)^2 - 48^2 = 77 \mod 100$, so $(n-48)^2 = 81 \mod 100$
We group as $(n-48)^2 - 9^2 = 0 \mod 100$, so $(n-57)(n-39) = 0 \mod 100$.
The obvious solutions are $57$ and $39$, with this working if we add $50$, resulting in $7$ and $89$.
Edit: to add more detail to the factoring, we need to split the factors of $100$ between $n-57$ and $n-39$. We know that the terms are of the same parity, so either both are even, or neither are. Additionally, the difference between them is $18$, so at most one may be divisible by $5$ (therefore, $25$). Even divisors of $100$ that are multiples of $25$ are $\{50, 100\}$. We obtain the four solutions of: $(n-57)(n-39) = 0 \mod 100$ by solving for:
$n-57 = 100 \mod 100$
$n-39 = 100 \mod 100$
$n-57 = 50 \mod 100$
$n-39 = 50 \mod 100$