Error: Encrypt web.config: '<', hexadecimal value 0x3C, is an invalid attribute character (4339310)

When attempting to install the Manager web application the following error is seen in the Web Installer  

Encrypt web.config: '<', hexadecimal value 0x3C, is an invalid attribute character. Line 73, position 37. 

WORKAROUND:

For the application pool user account, do not have a password containing the character '<'

STATUS:

This will be fixed in a future release of Identity Manager. If you require this immediately corrected, please contact Support for a hotfix referencing the defect ID 29223