Both.
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An input output device that modulates and demodulates is a modem.
Yes, it is also and input device. I/O device.
It is both an Input and an Output device.
An device that is added to a computer is called a Peripheral. Which categorizes into input and ouput devices. Input being data put into the computer (keyboard and mouse would be a input devices). Output being information that is projected or created and then taken out from the computer (printer would be an output device, as would a computer monitor.)
input device