When you use the gem list command, you will get a list of gems installed on your computer.
For example: rake (10.0.4, 10.0.3, 0.9.2.2)
Just browse the console where gem is compatible with your application. This has already been mentioned in the error log message.
Use
gem remove rake
Save the appropriate version and delete the version that creates the problem. Then run rails s or bundle exec rails s
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