JPEG images are already highly compressed. Zipping them will reduce them to about 4.59 Gigbytes.
That is a lot of photos. If you're serious about photos you should be saving them in TIFF format instead of JEPG, as JPEG images degrade with high compression or repeated editing and recompression. The same number of files as TIFF images will need about ten times more space, but may reduce a little with archiving.
CD-R disks are cheap, but not infallible. CD-RW disks are less cheap, and even less infallible. If you intend to edit frequently, use CD-RW, but keep two copies of each. If you don't need to edit them much, save on CD-R.
You might consider an external USB hard drive instead for faster transfer and easier editing, but you are still going to need CD-R for backup of that drive.