The error is generally caused by insufficient or incorrect permissions on the named registry keys, or parent container of such registry keys. Follow to steps below and see if that can fix the issue;
Important This section contains steps that tell you how to modify the registry. However, serious problems might occur if you modify the registry incorrectly. Therefore, make sure that you follow these steps carefully. For added protection, back up the registry before you modify it. Then, you can restore the registry if a problem occurs. For more information about how to back up and restore the registry, click the following article number to view the article in the Microsoft Knowledge Base:
322756 (http://support.microsoft.com/kb/322756/ ) How to back up and restore the registry in Windows
1) Click Start > Type Run in the search bar > Type regedit in the Run command
2) Navigate to the location
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\Installer\UserData\S-1-5-18\Components
3) Right click the folder Components and select Permissions from the drop down menu
4) Select "Add" in the “Permissions for Components” window that opens up and add in the "Administrator", "Administrators" and "SYSTEM" accounts.
5) Back on the first "Permissions for Components" dialog box, click on each account in the top-list and make sure each has the "Full Control = Allow" and "Read = Allow" permissions.
6) Click the "Advanced" button so that the "Advanced Security Settings" dialog box appears:
7) On the "Permissions tab" enable the checkmark box named "Replace all child object permissions with inheritable permissions from this object", then press the "Apply" button.
8) On the "Owner" tab, highlight the "Administrators" name in the lower listbox, enable the checkmark box called "Replace owner on subcontainers and objects" and press the "ApplyButton".
9) Please repleat steps 7 and 8. This timethere should not be any errors about not being able to update the permissions on the child keys.
10) Click OK and then Apply.
Once done with the above steps rerun the installation and see if that works without issues.
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