ANSWERS: 2
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Yes as the older files are required by some programs. The packs don't take up that much space so don't worry.
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It doesnt hurt to have them all installed, is there any reason to keep them, the simple answer is yes. If any program you use needs a lesser version you wil have it. Thats about the only reason to have them all installed, for backwards compatibility, or if your actually programming in that type of net framework, which i doubt you are since you asked this question.
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