Cognos Error: MOD-ERR-0013

Symptom
When attemtping to install Xcelerator through the Administration Interface in Cognos Express, the following error occurs:
Cause When attempting to install Xcelerator, you may encounter the following error:
SDK-ERR-0064 Installation of Xcelerator failed: Exit value = 1602
or
SDK-ERR-0064 Installation of Xcelerator failed: MOD-ERR-0013 The following prerequisites have not been installed: .NET Framework Version 3.0

Cause
The wrong version of Microsoft .NET Framework is installed.

Solution
Install the latest version of Microsoft .NET Framework or repair the installation if it already exists.