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Sort of It still gives a 20% bonus (I think) but say you had one gear that gave 20% resistance, 20% of 20 is 4 so it would give a 24% bonus to resistance (+4%)

However if you had some godly gear with 30% resistance then 20% of 30 is 6 30n+6 +36% (+6%)

so to answer your question, sort of :)

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