I bet that the folder you're trying to access doesn't really exist. Technically speaking, there is no "Application Data" folder anywhere on Windows 7 or 8 (or 8.1). There's something that looks like a folder, smells like a folder, but it's not. It's a re-direct that is only there for compatibility with older programs that where built to look for that exact name (those same programs also break when running on other languages besides the English spelling of "Application Data").
The true folder name is "AppData", and is here (and invisible by default).
c:\users\name\appdata
The %appdata% trick is just a shortcut to that location.
+R to show the Run box