Illustrator 2020 requires the preferences folder permission to be Read-Write on macOS High Sierra

Installed Illustrator 2020 but am unable to open application. Keep getting the message: To work correctly, Adobe Illustrator requires the Preferences folder permission to be 'Read-Write'. The current permission setting is incorrectly set to 'Read-Only'.

I have read and followed the instructions recommended to solve this issue, but no matter what I do I keep getting this message and am unable to open Illustrator. I am on a MAC, High Sierra. Please, any help would be appreciated. Thank you.

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