If you are getting this error and you are using Trend Micro anti-virus, you need to disable it during the installation process.
The system cannot open the device or file specified.
C:\Users\NAME\AppData\Local\Temp\..... * .msi
Thanks to John Blazier for confirming that the issue still exists. It is a best practice to disable your anti-virus when installing software.
NOTE: The site was using Trend Micro OfficeScan 10.6.3205 Service Pack 2.
Here is another variation of the error...