Acronis True Image: Installation Fails with "%1 is not a valid Win32 application" on Windows 10

Symptoms

1. Installation of Acronis True Image on Windows 10 fails with the following error:

   1% is not a valid Win32 application

2. Installation log contains an error similar to the following one:

   CustomAction MsiTibInstall_TibApiDll__I returned actual error code 1603