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Common paths include C:\Program Files (x86)\Steam\steamapps\common\Max Payne 3 or C:\Program Files (x86)\RG.MECHANICS\MAX PAYNE 3 . Go to Settings > Apps > Installed Apps .
If that fails, run the Visual C++ installer. If you are still stuck after 20 minutes, save yourself the headache: on the next Steam sale. It costs less than a coffee and includes all DLC, online multiplayer, and zero DLL errors.
Antivirus software is the #1 reason for this error. Here is how to restore the file: