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Can I back it up to my new mac formatted drive?
If I understand correctly, Parallels treats everything on the Windows side as a single Mac compatible file. If that is the case, then Time Machine should be able to back up that file.
If a hard drive is not formatted for the Mac, Time Machine likely won't be able to back it up. But Mac formatted files should work just fine.
You can assign any external hard drive as a Time Machine destination drive as long as it is Mac formatted.
Message was edited by: a brody