OEM Modelsim: How do i resolve MSVCR120.dll error when executing Modelsim tool?

OEM Modelsim: How do i resolve MSVCR120.dll error when executing Modelsim tool?

Description: When opening modelsim users may encounter an error relating to a .dll file. Solution: To resolve this issue, Install VC2013 redistributable vcredist_x86 to your system as the modelsim relies on its libraries.