ITunes error (-42404) with itunes latest update

I recently went to sync my phone and when i opened itunes it said an update was available. To which i replied yes update and itunes the new itunes version and quick time (as i always do and have never had a problem) Then when it was done, i received this error....
" A required itunes component is not installed. Please repair or reinstall itunes (-42404) "
I cannot figure it out what is missing. Help please??? I cannot sync my phone or even open itunes.
Thanks

Hey Tony
Thanks so much for your reply... I followed the instructions in the link but unfortunately i still get the same error message when i try to open itunes.
Any other suggestions?
Thanks!

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