This particular error is not Sitefinity specific, please, make sure you have the required .net version installed:http://docs.sitefinity.com/system-requirements
. In addition to this, when running on IIS, ensure that IIS is configured accordingly and all required features are enabled(You can run the powershell script for your IIS version to configure everything automatically):http://docs.sitefinity.com/configure-the-iis-to-host-sitefinity-projects
In addition to the above, please, try setting the application pool identity to Network Service and grant full permission to the project folder.
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