Jay is now 28 years old. He wants to save $500,000 for the down payment of his new house. He has just inherited $100,000 from his grandmother. He thinks that he can afford to save $5,000 at the beginning of each month. The annual interest rate he can earn on his savings is 3% compounded monthly (that is 0.25% per month). How many periods will it take to get his goal? At that time, how old is he? (Please round all the answer to the nearest whole number )