Android Studio is not loading on the device, local path doesn't exist

Question

I recently attempted to migrate my Eclipse project over to Android Studio. All went well until I attempted to run the project and an error came up:

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Answer 1

I had the same problem after update of Android Studio. The APK build path was incorrect. The YouTube video Android Ep8 - Fixing Android Studio Bug "Local path doesn't exist." helped me (step by step).

Answer 2

Simple solution that worked for me: I went to Build->Rebuild Project.