A fully shutdown device *should not* consume any battery (besides a little needed for the capacitive buttons), although that does not always happen, as you probably know. But it is the best mode to put the device in when not in use (you don't have much of a choice anyway).
The "zzz" mode (I think people call this one the sleep mode actually), in my experience, can last around 10-12 hours untouched. If you are reading really fast (practically "waking up" the device at each page turn), then you probably need to increase the sleep timer. Doing an extra refresh per page turn is probably not energy efficient.
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