Mana consumption stacks with wand?

The mana cost reduction will stack with the wand upgrades with mana reduction as well right? for example:

r1 mastery 20% +fire wand /w upgrades 35%= 55% mana cost reduction.

I would think so...not a mage, and I generally don't use wands too often since my Elf mage went rouge...(account she was on got hacked or something and I don't have access to the account e-mail)