As I am trying to run my application from a newly updated Xcode 8 to my iPhone 4 which is running iOS 7.1.2, it throws the below error,
And, this is my Xcode version,
How can I fix this problem?
Actually, there is a way. You just need to copy the DeviceSupport folder for iOS 7.1 from the older Xcode to the new one. It's located in:
/Applications/Xcode.app/Contents/Developer/Platforms/iPhoneOS.platform/DeviceSupport/7.1
If you don't have the 7.1 files anymore, you can download a previous version of Xcode, extract it, and then copy these files to following path
/Applications/Xcode.app/Contents/Developer/Platforms/iPhoneOS.platform/DeviceSupport/