This type of error could be caused if runtime components of Visual C++ libraries are missing or because of third-party software.
Follow the methods listed below:
Method 1: If the issue is caused due to missing Visual C++ libraries, you may download and install the Runtime components of Visual C++ libraries from the link below:
This error may occur when the Microsoft .NET Framework installation on the computer is damaged or is missing.
Try the below step to reinstall and repair the Microsoft .NET Framework installation on the computer and later check if you can install the software.
a) Click the Start button, click Control Panel, click Programs, and then click "Turn Windows features on or off." If you're prompted for an administrator password or confirmation, type the password or provide confirmation.
b) Locate Microsoft .NET framework 3.5.1, uncheck the box, click OK and restart the computer.
c) After the restart again open "Turn Windows features on or off" and place a check mark next to Microsoft .NET framework 3.5.1 and restart the computer.
If the above step fails then I would suggest that you manually download and install Microsoft Visual C++ 2005 and 2008 Redistributable Package and check if you can install the software.
In Programs and Features, do you show that you have installed Microsoft Visual C++ 2005 Redistributable and Microsoft Visual C++ 2008 Redistributable? If not, download from the links here.