It's a totally new installion, so yes. typically durign the checkout process, you may be offered the chance to note that you own a previous version and you will get $20 off the new purchase, if the product is not on sale (It's on sale right now for $69- which means you probably won't get it for $20 off the sale price).
Previous version are not affected by new installations. Things like any actions / brushes / color palates will have to be manually copied over into the new program (copy all ofthose items first if you unisntall the older version).
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