Android Studio Error: Error:CreateProcess error=216, This version of %1 is not compatible with the version of Windows you’re running

I had the same issue, but I have resolved it the next:

1) Install jdk1.8…

2) In AndroidStudio File->Project Structure->SDK Location, select your directory where the JDK is located, by default Studio uses embedded JDK but for some reason it produces error=216.

3) Click Ok.

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