.NET framework error 0xc000007b when installing UDK

I'm trying to install UDK, but I get the following error:

The application was unable to start correctly (0xc000007b). Click OK to close the application.

I tried re-installing .NET Framework 4 and MSVC++ Redistributable 2010 x64 with a separate uninstaller, but I still get the same error.

I have had this problem both before and after reinstalling Windows 7 x64. I think it might be because UDK is 32-bit and everything else is 64-bit, but there shouldn't be any errors with backwards compatibility.

How do I fix this?

The error code would seem to indicate a DLL is missing. If it is 32 bit, have you installed the MSVC++ Redist 2010 x86?