Install.php error

When I tried to install the install.php, this came up:

Fatal error: Uncaught Error: Call to undefined function set_magic_quotes_runtime() in /storage/ssd3/054/10493054/public_html/install/install.php:19 Stack trace: #0 {main} thrown in /storage/ssd3/054/10493054/public_html/install/install.php on line 19

How do I resolve this problem?

Lower your PHP version?