Identify the confounding factor Exercise rightarrow Decrease
     Identify the confounding factor:  Exercise rightarrow Decreases LDL (bad cholesterol) rightarrow Decreases risk for heart disease  There is no confounder because this is a causal chain.  Exercise  Risk for Heart Disease  LDL (bad cholestrol) 
  
  Solution
It appears to me that d) LDL is the correct answer. This is because, LDL correlates to both exercise and decrease in heart disease

