Issue
When trying to upgrade K2 4.7 to K2 Five 5.5 using installer version K2 Five (5.5) (5.0006.1000.0) the following error is present:

Error Code
K2 Five (5.5) (5.0006.1000.0) does not support updating the installed version of 4.16060.2000.5. Please see the Release Notes for more information on K2 upgrade compatibility.
Resolution
Download and use the new version(K2 Five (5.5) (5.0006.1000.1)) of the installer to perform the upgrade successfully.