At age $69,$ Kyle used his savings of $$50,000$ to purchase a life annuity with a guaranteed $5-$year minimum. If he will receive payments of $$450$ at the end of each month and he knows that the annuity provider has based the payment on a nominal annual interest rate of $6\mathrm{.}24\%$ compounded monthly, how many years has the annuity provider assumed the term to be$?$