We see this error in most cases on systems that have been upgraded from Vista to Windows 7, without formatting the drive.
Follow these steps.
1. Check if Studio is listed in the Add/Remove Programs tool in Windows Control Panel. If it is there, select your version of Studio and click Uninstall. Follow any on-screen prompts to remove Studio.
2. After this, download and run this tool:
Choose All products and hit clean
Run again and choose Studio 12 or 14 and hit clean
Run again and choose User Registration and activation data and hit clean.
Now open Computer or Windows explorer. Go to this folder:
C:\Program Files\ and delete the Pinnacle folder
C:\Users\Public\Public Documents\ and delete the Pinnacle folder
C:\Program Files\Common Files\ delete the Installshield folder
Now restart and install again.