OK in binary
1 = 0001
2 = 0010
4 = 0100
The first (from the end) digit is the "ones", second digit is "twos" third is "fours" and the forth digit is "eights" (similar to base ten system we use all the time where the first from the end is ones, tens, hundreds etc)
SO the OR bit turns on (makes it a 1) where ever there is already a 1
0001
or 0010
= 0011 == a one in the ones, twos place makes this a 2 + 1 = 3
now, to add that to the third number
0011
or 0100
= 0111 == a one in the one, twos, fours place makes this 4 + 2 + 1 = 7
So the answer to your question is 7