Here is the string from my Target box:
"C:\Program Files\C++Microsoft Visual Studio\Common\MSDev98\Bin\MSDEV.EXE"/y3
And, when I click on Apply, I get:
The name: "C:\Program Files\C++Microsoft Visual Studio\Common\MSDev98\Bin\MSDEV.EXE"/y3
specified in the target box is not valid. Make sure the path and file name are valid.