I had the same issue today while installing MySQL 5.7 and not sure how shall I proceed and found your questions. I was sure that I have installed the 64bit version of Visual C++ Redistributable Packages on my machine. Then I installed a 32-bit version of the same package (URL: https://www.microsoft.com/en-in/download/details.aspx?id=40784) and the MySQL Installer detected that and proceed with the installation.
Looks like the installer was looking for 32bit install path. Hope this help.