It turns out that this is because ASP.Net was not completely installed with IIS even though I checked that box in the “Add Feature” dialog. To fix this, I simply ran the following command at the command prompt
%windir%\Microsoft.NET\Framework64\v4.0.30319\aspnet_regiis.exe -i
If I had been on a 32 bit system, it would have looked like the following:
%windir%\Microsoft.NET\Framework\v4.0.21006\aspnet_regiis.exe -i
Remeber to run the command prompt as administrator (CTRL+SHIFT+ENTER)