Unable to insert the virtual optical disk in an Ubuntu virtual machine

When you try to install a new version of the VirtualBox Guest Addition on an Ubuntu virtual machine you may get the error message

Unable to insert the virtual optical disk C:\Program Files\Oracle\VirtualBox\VBoxGuestAdditions.iso into the machine Ubuntu 64.

Could not mount the media/drive ‘C:\Program Files\Oracle\VirtualBox\VBoxGuestAdditions.iso’ (VERR_PDM_MEDIA_LOCKED).

Result Code: E_FAIL (0x80004005)
Component: ConsoleWrap
Interface: IConsole {872da645-4a9b-1727-bee2-5585105b9eed}
Callee: IMachine {85cd948e-a71f-4289-281e-0ca7ad48cd89}

To mount the new CD, first eject the currently mounted virtual CD

1. Click the CD icon on the left side of the screen
   
2. Click the eject icon next of the currently mounted Guest Addition CD