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Although there were no compile and link errors, the build failed and displayed the following error message in the Output window:
Error 5487 Failed to write the updated manifest to the resource of file "obj\x86\Release\Program1.exe"
This issue is caused by some antivirus software that prevents the .exe or .dll files to be created on the machine, so the solution has to be addressed with the vendor.
In the meantime, the workaround is to disable the antivirus software during program build or to configure your antivirus software to exclude your project folder and its subfolders from its scan.