Android Studio Java Error

I was able to install the Android Studio without any errors;

But I keep getting the following error when trying to launch the application.

 

The environment variable Java_Hove )with the value of C:\Program Files\Java\jre1.8.0_45\bin\) does not point to a valid JVM installation.

 

I have reinstalled JAVA and Android Studio multiple times and I still get the error.

 

Anybody know why?