Umbraco 7: Could not load type Umbraco.Web.UmbracoApplication

Question

1. Created an ASP.NET empty web application in Visual Studio
2. Installed Umbraco 7.1.5 via NuGet Package Manager
3. When asked to overwrite the web.config file,

Answer 1

I also encountered same problem few days ago..i solved that...Just change the name of MVC project from 'Umbraco' to something else and then it will work fine..