ASP.NET 4/IIS ManagedPipelineHandler Error

ASP.NET 4 error on Windows 7/IIS 7.5

HTTP Error 500.21 - Internal Server Error
Handler "PageHandlerFactory-Integrated" has a bad module "ManagedPipelineHandler" in its module list.

To fix, install ASP.NET 4 using the .NET 4 ASP.NET IIS Registration Tool.
See documentation for differences between the -i and -ir options.

c:\windows\microsoft.net\framework\v4.0.30319\aspnet_regiis.exe -i