SQL Server 2012 PowerPivot for Excel Prerequisites Error

PowerPivot was a great new tool when it released several years ago. Now the newest version is out along side SQL Server 2012.You can still install the 2008 R2 version of PowerPivot or you can try out the new 2012 RTM version. There are some nifty improvements that Devin Knight has chronicled (Blog | Twitter). There are several requirements that are not part of the 2008 R2 requirements. The install instructions are the following with the first step being the new requirements: