First I removed the latest version and then started installing the previous version.Then I got the following error message "Error 1606. Could not access network location %SystemDrive%\inetpub\wwwroot\"
After searching the web, found the following entry from Infragistics.
But I did only the registry entry change value of the key "PathWWWRoot" from "%SystemDrive%\inetpub\wwwroot" to "C:\inetpub\wwwroot".
Not needed to disable the UAC as suggested in the above article.
After installing I reverted the registry entry value back to the original value.