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In the original, this sentence is formulated in the past tense ("has created you" and "has ordained"), stressing the recurrent character of man's life-phases. In translation, this recurrence can be suitably expressed by using the present tense.
lit., grey hair.
What was said before about the people who make Allah's teaching of "of none effect" does not mean that Evil will defeat Allah. On the contrary we are asked to contemplate the mysteries of Allah's wisdom with another Parable. In our physical life we see how strength is evolved out of weakness and weakness out of strength. The helpless babe becomes a lusty man in the pride of his manhood, and then sinks to a feeble old age: and yet there is wisdom in all these stages in the Universal Plan. So Allah carries out His Plan in this world "as He wills", i.e., according to His Will and Plan, and none can gainsay it. And His Plan is wise and can never be frustrated.