Question about the update.

I just started to use reaper. Love it, btw. I just got a notice that there is a new update for it, so I downloaded it and tried to drag and drop to my applications folder(mac) and it asked if I want to replace the item already in there. If I replace it, will all my projects still load up and be saved as I used them last?

I assume it would, I just need to make sure.