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Make sure you have write permission to that folder.
I do have read and write permissions for all users
Add your name, your User name, to the list and give it full Read/Write permissions.
I have tried this and it still gives off that message
Show us a screen capture of the permissions on that folder.
Could you please provide Read and Write Permission to the Adobe Folder for your Account and the Admin account.
You need to provide permissions to the following folder : /Users/My Name/Library/Application Support/Adobe/