Thanks for saying this is homework -- helps everybody maintain all-important academic integrity. Based on that, here are some hints...
Have you worked much with induction? Presumably you have, because that's what this problem is all about.
Notice how the reversal operator is defined inductively. Also notice how the teacher's first hint is stated inductively -- it says something about a string by working with the same property for some of its substrings, which are shorter.
So, try to work out how the induction goes for the proof. Presumably you have seen some proofs about grammars using induction -- how do they work?
What's the base case? What's the induction assertion, wherein you assume something true up to a point and and then show that it's also true for the next step up. Here's a hint on that for this problem -- you might be tempted to base the induction assertion on the terminal strings of the grammar, $L(G^R) \subseteq T^*$, but that probably won't work directly. Why? Look at the productions -- are the right-hand sides always terminal strings? Well, that's where the reversal happens.
Need more hints? Say how far you got and ask more questions.
@mpm -- Yes, induction on the length of derivations will work. Keep in mind, however, that derivations involve non-terminals as well as terminals.
Write down corresponding derivations in both $P$ and $P^R$ with $n+1$ steps, nicely lined up with each other, say with sequences $w_i$ and $z_i$ respectively. What does your induction assertion for $n$ say about the relationship between those two sequences? What form must $w_n$ and $w_{n+1}$ have and how do you get from one to the next? Likewise for $z_n$ and $z_{n+1}$.
Another hint here -- the instructor's first hint involves two strings: $(xy)^R=y^Rx^R$, and you say you are trying to set up the induction with two: $v$ and $w$. But you may need three, which you can prove from the instructor's hint or perhaps just assume. Also, what is the reversal of a single symbol $A$?.