CPUU is unable to update the Outlook client due to minimum version requirements for Office 365 (4318302)

When using the Client Profile Updating Utility (CPUU) to update the Outlook profile for a user, there is an error that the installed version of Outlook does not support MAPI Over HTTP for Office 365.

9/22/2018 9:24:29 AM 8096 [Error] Please update your Outlook to the latest version because installed version cannot be supported for MAPI Over HTTP profiles for Office 365. For more details visit https://support.microsoft.com/en-us/help/3201590/rpc-over-http-reaches-end-of-support-in-office-365-on-october-31-2017.