How to get the best factor for abstract algorithm that has expected cost?!
I don't know what the author of the question means with "approximation guarantee" (is it defined earlier in the book?), so I am just going to tell you what you can derive from the information that's given.

If the expected value of the algorithm is $\mathbb{E}=v$, then the probability that the algorithm outputs a value larger than $kv$ is at most $\frac{1}{k}$, from Markov's bound, if the cost function never goes negative. So if you run the algorithm $t$ times, then the probability that the minimum value among all trials is greater than $kv$, is at most $k^{-t}$ (why? because the trials are independent).

There are no hard guarantees until there is more information.