1/2 c hot water + 1 c sugar + 2-4 Tbsp butter + 1 1/4 c (instant) dry milk (blended until smooth)
Yield = 14 oz can sweetened condensed milk
Source: Pamela Peterson
———- OR ———-
1/2 c hot water + 1 c sugar + 1 Tbsp butter + 1 c (non-instant) dry powdered milk (blend very well in blender)
Yield = 14 oz can sweetened condensed milk
Source: www.everydayfoodstorage.net