Cannot use the Qt add-in for Visual Studio 10

Question

I cannot get the Qt add in to work in my Visual Studio 10 professional. I have Qt Creator 2.0.0 based on Qt 4.7.0 and when I try to 'Add new Qt version' I keep getting the error shown in the picture below. It keeps editing the address to include another bin folder. Please suggest a fix and note I'm a novice so instruct accordingly.