Why do I get "Error 345" when trying to activate my MATLAB license?

When activating my MATLAB license, I get the following error:
Error 345: We were unable to complete your request. Contact MathWorks for assistance at <http://www.mathworks.com/support/contact_us/>
How do I activate my license?

 Accepted Answer

This error indicates the activation key you are using is no longer valid. To complete activation, contact your license administrator or local IT department to obtain a valid activation key.

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