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The software you try to install is not suitable for the OS you run. Adobe - Pagemaker 7: System requirements This product is quite old and was designed for: Microsoft® Windows NT® 4.0 with Service Pack 6, Windows® 2000 Professional with Service Pack 2, Windows XP Professional or Home Edition. So your OS is create 10+ years after the release of this product. Revert to XP or consider a upgrade to InDesign.
Pagemaker is DEAD. Find yourself a Windows XP machine and use that or move to InDesign.
There are plenty of other threads on this subject on this forum.
Success! I was able to install Pagemaker 7.02 on my pc with Windows 8.1. After starting up in safe mode, I went to Windows Explorer and located the setup.exe file for Pagemaker 7.02 and double clicked on it. It installed correctly and is working perfectly. I have been using Pagemaker 7.02 with no problems on my Windows 8.1 pc since I made the transition from Windows XP. It still works great. I hope this information helps someone.
Be careful and observe a strict backup scheme, especially when working in important and long documents. PM was highly unstable at its time, and there is no reason to expect that running it under an OS that was designed more than 10 years after Adobe stopped supporting it will make life easier.
Success is a relative term. The real question is are you able to create pdf files, and how complex of a document can you create. Printing to postcript has been the real problem with pagemaker, the other problem being the instability that has always plagued Pagemaker.