Error 0x80240024 while trying to download Paint 3D Preview

I have signed up for the insider program. When I go to the store, I am able to search for Paint 3D Preview. However, when I try to download it by pressing the Get button in the store, it gives the following error:

Same result when I try to initiate the download from the following URL instead: Paint 3D Preview

This is the build of Windows I am using:

What does this error mean and how can I install this?

I am running Version 1607 (OS Build 14393.321).

In the description of Paint 3D Preview, it says:

The application required joining the Windows Insider Program and installing the latest Windows Insiders build (Build 14800 or greater).

So, as it suggests, you need to update your Windows to the latest Insider build, which should (currently) be at least build 14800.

Requirements on the app store page says that it needs 10042.0 or higher

When submitting an app to the Store the "requirements" selection only includes certain build numbers to select from. So they probably chose the highest one they could but, as noted above, put extra instruction/specifics in the Description (in the same place they say that you need to belong to the Insider Program).