Ignore the version check. Most applications that claim to need "Windows Installer 5.0" actually work fine on Windows 10’s newer 5.x engine. If they don’t, contact the software vendor for an update.
sfc /scannow in an elevated Command Prompt to repair corrupted OS files. Windows Installer 5.0 Download For Windows 10 64-bit
msiexec /unregister msiexec /regserver