How To Make <p> Tag Appear At X Time And Disappear At X Time

I am trying to make text appear after 1 min of the user being on the site and going away after 2sec.

I know how to make it fade out:

setTimeout(fade_out, 2000);

function fade_out() {
  $("#msg").fadeOut().empty();
}

But I need help on making it fade in.

I don't understand JS that well so please try to include a example.