When I create a ASP.NET Web Application (using .net framework 4) in visual studio and I deploy it as is, I get the following exception:

Note that I am not doing any modifications to my application I select that project and right away I deploy it.
I am running IIS on Windows 7 Home Premium. So this error looks to me as if my version of IIS does not support the .net framework 4.0 .
The next thing I did was to find out what version of IIS I have. In order to do so I launched IIS Manager, clicked on help and then on about. The window that I got was:

That looks to me as if I am using IIS 7.5
Why is it that a default asp.net application will not run in my IIS? when I create a similar application using a .net web application but this time with the .net framework 2.0 . IIS does not complain when I see it in the browser.
edit
Sorry I am new to asp. Ok I updated my application pool to V4.0 . after doing that I restarted the site and when I browse it I got a different error:
