You probably have not installed the CGI module for IIS. Open Microsoft Web Installer again. Look in the IIS: CGI server section and install it.
For completeness, you can check the installed modules by opening the Internet Services Manager. Deploy the Sites to your default website (or to another site if you have a different setting). In the IIS section, find and open Modules. If you do not see FastCgiModule, you will have to install it through the Web Installer (it looks like it is connected to the regular Cgi module).
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