Guys, there is a much easier solution! You need to set up your actual monitor model instead of using 'Plug and Play' monitor.
Right Click My Computer->Properties->Hardware Tab->Device Manager->Monitors.
You will probably see listed there a 'Plug and Play' monitor. Just Right Click->Scan for Hardware Changes. If Windows does not find a different monitor, you may have to manually change it. To do this, Right CLick your PnP monitor, ->Update Driver->Manually Install from Chosen location...the key here is to go to your monitor manufacturer's website and download the .inf file for you monitor into a certain directory and then point Window to that directory.
After I did this, I go to Control Panel->Display->Settings->Advanced->Monitor and now I have a drop-down menu with refresh rate options.