Tenacity is calculated by taking the inverse of each value and multiplying them together to find the effect you receive from CC rather than your resistance to it. It functions this way to avoid people reaching cc immunity. In your example:
(1 - 0.2) x (1 - 0.2) x (1 - 0.3) = 0.448 effect receivied
Then you take the inverse of this to find your tenacity. 1 - 0.448 = 0.552
Adding in Sterak's and iron elixir gives
1 - (1 - 0.2) x (1 - 0.2) x (1 - 0.3) x (1 - 0.25) x (1 - 0.3) = 0.7648= 76% tenacity
Damage reduction from multiple sources is found using the same method. For example, Warwick with his E, phantom dancer, the new Locket, and Death's dance could be plugged into the same formula from above.
If you don't like math, just think of it this way. Morgana hits you with her Q. Each instance of tenacity lowers that duration individually, stacking on top of each other but only one takes effect at a time. The first instance lowers it by 20% leaving 80%. The 80% becomes a new 100% which is lowered by another 20%. That 80% becomes the new 100% which is lowered by another 30%. By doing this, you can never reach 0% value because there is always something left over.