IIRC MonoDevelop 2.4 had a bug that prevented it from targeting the final released version of .NET 4.0. The fix should be in MonoDevelop 2.4.1.
As a workaround, assuming you installed Mono 2.8 (with 4.0 support), you can change the target runtime to Mono instead of .NET. Or
- Change the default value using the Tools β Options menu, then the .NET Runtimes panel
or
- Change the goal of the current project using the menu Project-> Target Runtime.
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