HTTP Error Codes 401 and 500 on IIS 7 and ASP.NET

To fix these errors on Windows 7 Pro, add the user group/account to the web folder and set permissions.

HTTP Error 500.19 - Internal Server Error
The requested page cannot be accessed because the related configuration data for the page is invalid.
User Group: IIS_IUSRS

HTTP Error 401.3 - Unauthorized
You do not have permission to view this directory or page because of the access control list (ACL) configuration or encryption settings for this resource on the Web server.
User Account: IUSR

Permissions:
read
read and execute
list folder contents