1. Downloaded ArcGIS Pro v3.1.04.1833 install to new computer from 'My Esri' site.
2. Run ArcGISPro_31_184994.exe on new computer.
3. ArcGIS Pro setup program launches then message appears as follows:

4. Downloaded and installed lastest version of Microsoft .NET Desktop Runtime (x64) v7.0 <rebooted machine>.
5. Reran ArcGIS Pro setup program.
6. Same error appears immediately after ArcGIS Pro setup program launches and terminates setup.
7. Reinstalled (Repair mode) Microsoft .NET Desktop Runtime (x64) v7.0
8. Reran ArcGIS Pro setup program.
Results: Issue persists: ArcGis Pro setup terminates becuase it doesn't recognize that Microsoft .NET Desktop Runtime (x64) v7.0 exists.