Parser Error Message: The file '/Site.master' does not exist

Problem : 

Parser Error Message: The file '/Site.master' does not exist.

Solution :

 Replace the tilde before ~/MasterPage.master with a period ./MasterPage.master.

<%@ Page Language="C#" MasterPageFile="./MasterPage.master" AutoEventWireup="true" CodeFile="Default.aspx.cs" Inherits="_Default" Title="Untitled Page" %>