P v Q" is best interpreted as

P or Q but not both P and Q
X P or Q or both P and Q
Not both P or Q
P if and only if Q

The best interpretation of the statement "P v Q" is "P or Q or both P and Q". This means that at least one of the statements P or Q is true, or both P and Q are true.

Here's how to arrive at this interpretation:

1. "P v Q" is a logical expression, where "v" represents the logical operator for "or".
2. The logical operator "or" is inclusive, meaning that it includes the possibility of both statements being true.
3. In this case, "P or Q" means that either P is true, or Q is true, or both P and Q are true.
4. Therefore, the best interpretation is that the statement "P v Q" is true if at least one of P or Q is true, or if both P and Q are true.