Resolve ASP Error: Could not create a Disk Cache Sub-directory for the Application Pool

This is a permission problem. Give IIS_WPG and NETWORK SERVICE permission to access the following directories:

%systemroot%\Help\IISHelp\Common
%systemroot%\System32\Inetsrv\ASP Compiled Templates*
%systemroot%\IIS Temporary Compressed Files


* Compiled templates not available on the server I am working with. So I gave permission to the Inetsrv account.