How to add a password to Web.config and encrypt it

I recently had the need to store a password in the web.config file in an ASP.NET web app and I wanted to encrypt it.  I did not want to encrypt the entire appSettings section of the Web.config, so here's a solution I came up with, answering my own question on Stack Overflow, community wiki style!

http://stackoverflow.com/questions/30983920/how-to-add-a-password-to-web-config-and-encrypt-it