The annual cash flow would be $4,755.18.
The first step is to determine the future value of the lump sum amount: $45,000 x (1.064)^15 = $114,113.48
The second step is to determine the value of the equal cash flows. The formula that would be used is: future value / annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
=[ (1.064)^15 - 1] / 0.064 = 23.97735
$114,113.48 / 23.97735 = $4,755.18
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