Error when trying to create new C++ project

When I attempt to create a new C++ project in Unreal Engine 5.0.3, I get the following error:

An error occurred while trying to generate project files.

Running C:/Program Files/Epic Games/UE_5.0/Engine/Binaries/DotNET/UnrealBuildTool/UnrealBuildTool.exe  -projectfiles -project="" -game -rocket -progress
You must install or update .NET to run this application.

App: C:\Program Files\Epic Games\UE_5.0\Engine\Binaries\DotNET\UnrealBuildTool\UnrealBuildTool.exe
Architecture: x64
Framework: 'Microsoft.NETCore.App', version '3.1.0' (x64)
.NET location: C:\Program Files\dotnet\

The following frameworks were found:
  6.0.3 at [C:\Program Files\dotnet\shared\Microsoft.NETCore.App]
  6.0.7 at [C:\Program Files\dotnet\shared\Microsoft.NETCore.App]

Learn about framework resolution:
https://aka.ms/dotnet/app-launch-failed

To install missing framework, download:
https://aka.ms/dotnet-core-applaunch?framework=Microsoft.NETCore.App&framework_version=3.1.0&arch=x64&rid=win10-x64

If anyone could help, that would be much appreciated. Thanks! :slight_smile: