2%, Skim, Soy....

... or Got Milk?

I don't have any in the house. Milk, that is. I need it from time to time for cooking or baking so I keep a box of powdered stuff for that because usually a recipe will call for quantities smaller than you can typically buy. I suppose it's nasty if you have to drink it but I don't think you can tell if it's in my cake batter.

So, riddle me this: If I use half as much water to mix it up, does that make it 2%?