How to fix access denied error on applicationhost.config

I must have missed something basic. Please help.

I am taking over a production project that uses COT. I am stuck from making any changes because every site I edit gives me this error when I try to run it:

File permissions on applicationhost.config are:

How can I get unstuck? This is blocking me from using CodeOnTime for anything and I need to make some critical production changes. Any help appreciated.
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