"ODS Carnival Math" is a 1997* children's game which apparently made by Ohio Distinctive Software (http://www.ohio-distinctive.com/).

CARNIVAL.ISO - MD5: D01791402844F488766372891E11442F

After following these steps I successfully ran this program in a virtualization of Windows 95, but I suggest that you use Windows 98 since it might have 256 or more colors:
https://www.youtube.com/watch?v=iF3v1fAu658

The photos are from my scanner's flatbed. The dot (.) represents the current directory, which contains "CARNIVAL.ISO" in this case:
"scan0001.jpg" was in ".\2019-11 (Nov)\", so I renamed it to ".\2019-11 (Nov)-scan0001.jpg".
"scan0002.jpg" was in ".\2019-11 (Nov)\", so I renamed it to ".\2019-11 (Nov)-scan0002.jpg".

*Per https://ccclib.bibliocommons.com/item/show/478286154

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Directory printout:
F:\>dir
 Volume in drive F is CARNIVAL
 Volume Serial Number is 030E-09EF

 Directory of F:\

09/25/1997  05:12 AM               766 BEAR.ICO
09/25/1997  05:18 AM        10,829,551 CARNIVAL.EXE
01/29/1997  06:08 AM                27 CHKLIST.MS
11/25/1997  07:18 AM         5,879,756 SETUP.EXE
09/25/1997  05:44 AM    <DIR>          XTRAS
               4 File(s)     16,710,100 bytes
               1 Dir(s)               0 bytes free

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Error I got when I tried to run this "ISO > program" on Windows 7 with various compatibility modes and with 32-bit mode enabled in "Internet Information Services > Application Pools > DefaultAppPool > Advanced Settings... > ..." (since I tried to run the mounted ISO on a 64-bit computer):
"[Window Title]
F:\["SETUP.EXE" or "CARNIVAL.EXE"]

[Content]
The version of this file is not compatible with the version of Windows you're running. Check your computer's system information to see whether you need an x86 (32-bit) or x64 (64-bit) version of the program, and then contact the software publisher.

[OK]"

('["SETUP.EXE" or "CARNIVAL.EXE"]' is non-literal text which I wrote.) It didn't work with a 64-bit Windows 7 OS. It might work with a Windows 7 32-bit OS + compatibility mode.

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ImgBurn:
ATAPI DVD C  DH48CYS VH34 (ATAPI)
Current Profile: CD-ROM

Disc Information:
Status: Complete
State of Last Session: Complete
Erasable: No
Sessions: 1
Sectors: 14,265
Size: 29,214,720 bytes
Time: 03:12:15 (MM:SS:FF)
Supported Read Speeds: 16x

File System Information:
Sectors: 8,331
Size: 17,061,888 bytes
Time: 01:53:06 (MM:SS:FF)

TOC Information:
Session 1... (LBA: 0 / 00:02:00)
-> Track 01  (Mode 1, LBA: 0 / 00:02:00)
-> LeadOut  (LBA: 14265 / 03:12:15)

Track Information:
Session 1...
-> Track 01 (LTSA: 0, LTS: 14265)

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