I am getting this error when I run on my mac with localhost.
Either GD PHP extension with FreeType support or ImageMagick PHP extension with PNG support
Instead of using the latest version I tried downloading ImageMagick-6.7.7-5-Q16-windows-dll from here. That one actually worked with the php_imagick.dll (Imagick for PHP 5.5.x) from http://www.peewit.fr/imagick/.
This is not the latest version but it worked. (even without restarting the computer)