What to use on Imac with I3 core? Bootcamp, Parrells, VMware, other

Hi, I just purchased a 21.5" Imac with I3 core. I believe I will need to run Windows xp( ( I have this disk)  or Windows 7 for an program that runs in excel. I need to run an  excel program (file)   for work that was programed  on a windows laptop and I do not think it will work on Mac version of Excel as the programer said he does not think it will work. So, I need to install MS Excel on my new Imac. What program should I use? Should I use BootCamp? Parrells?, VMware or another program that will run MSOS on a Mac? I do beleive I need to run windows 7 as I have had some issues with the latest version of this excel file work on my dell laptop running xp. The programer said he designed the latest version of his excel program (file) to run with Windows 7.
Thanks
Ted

For just this one purpose BootCamp would be overkill.
Plus you would have the hassle of having to reboot your Mac each time you want to use Windows.
A Virtualization app like Parallels or VMWare Fusion would be the better solution since you can run Windows with them alongside OSX.
Personally I would start with the free VirtualBox http://www.virtualbox.org/ .
No need to shell out money if not needed
Stefan

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