In order to reach his goal sooner, Laurent should move his money to a compound interest account. Unlike a simple interest account, which pays interest in each period only on the money initially invested, a compound interest account also pays additional interest in each period on the interest that has accumulated so far. Therefore, his money will grow faster in a compound interest account than if he keeps it in a simple interest account or a checking account. An IRA or Certificate of Deposit is intended for long-term savings, and will not help Laurent buy his new equipment quickly.