How To Fix Application Failed to Start Because Side by Side Configuration is Incorrect

(NEW FIX) - Application Failed to Start Because Side by Side Configuration is Incorrect
This error comes while opening apps like Google Chrome.

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Issues addressed in this tutorial:
How do I fix the application failed to start because its side by side configuration is incorrect?
How do you fix incorrect side by side configuration?
How do you fix the application has failed to start side by side configuration is incorrect Windows 7?
How do you fix the application has failed to start because its side by side in Google Chrome?
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