Parallels and Windows 7

I recently purchased Parallels Desktop for Mac. I NEED to install Windows 7 for a specific application. I have now read that since Microsoft no longer supports Windows 7, Parallels will install 7 but deactivates Tools. My question is : will the current version of Parallels install actually install 7? If not, am I able to get a version of Parallels that will install and work with 7?
Thanks for any guidance