The message "No launchable executable present at path" appears to be the result of bug in Apple's Xcode. By default, the Apple's compleementary SDK (Software Development Kit) is installed on the first level of the hard drive directory (right near the "Applications", "Library", "System" and "Users" folders).
It seems that if the SDK ("Developer" folder) is removed from the default location it is installed at and placed elsewhere, Xcode's "Build" will not work normally. That is, when attempting to "Build" a C++ file, the message, "No launchable executable present at path", may appear. If this message appears, "Build" will likely not perform its usual functions (compile, link etc.).
The problem appears to stem from a pre-assigned path in Xcode for "MacOSX10.4u.sdk" or "MacOSX10.3.9.sdk" being inconsistent with the actual path of these folders.
There have been reports on other online forums of individuals being able to circumvent the problem, but not effectively solve the problem--modify the path of "MacOSX10.4u.sdk"
I am presently unsure as to whether or not the pre-assigned path (for the folders in the preceding paragraph) can be modified. Preferably, I would like to keep Apple's SDK in my "Applications" folder without compensating for the hassle of having to deal with the above problem.
If someone does know how to alter the pre-assigned path "MacOSX10.4u.sdk" in Xcode, I would be delighted to know.
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