Internet Information Services is running in 32bit emulation mode. Correct the issue listed above and rerun setup.

The resolution i found for this was following:

1) Open the command prompt

2) Navigate to the following directory: \Inetpub\Adminscripts

3) Type the following command: adsutil.vbs set w3svc/AppPools/Enable32bitAppOnWin64 0

4) And finally IISRESET