I have an existing version installed. How do I install the next version up (eg. from 4 to 5) without affecting my current setup?

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Windows treats each Version as separate applications, so you can quite safely install (and un-install) Version 5 (say) without any impact on Version 3 or 4.

Just be aware that each program will install their own copy of the media files…
V3 -> C:\Present3
V4 -> Presenter4 in the shared documents folder
V5 -> Presenter5 in the shared documents folder