IIS 7 and Later Application Pool Folder Permissions

The other day I was creating a static web site in Windows 2008R2, and after creating the site I kept getting an access denied.  I scratched my head for a bit as in the past with IIS 6 it usually just worked the first time.  In IIS 7+, the new site will default to creating a new application pool.  Also in the past there were issue with application pools being run under Network Service since this was a built in account.  Now these new application pools run under ApplicationPoolIdentity, but the caveat is that you have to apply folder permissions so that the new application pool can read your web content; this wouldn’t apply if you are running the pool under a dedicated local or AD account.  After searching for a while I found that in order to assign folder permission like you would any other user, you have to use this user name convention "IIS APPPOOL\{YourAppPoolName}” where {YourAppPoolName} is the name of your application pool.  With this information you can go to you folder’s properties and set the permissions accordingly.