Failed to access IIS metabase problem

Usually this problem occurs when IIS is installed after installing .NET.

Solution 1:
Uninstall .NET framework and reinstall it. I followed this procedure.

Solution 2:
Copy and paste this into the Run Command from the Start Menu.
%windir%\Microsoft.NET\Framework\v2.0.50727\aspnet_regiis.exe -i

Second solution has been suggested here, but I myself did not test it.