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Place water, ¾ cup sugar and butter in medium saucepan. Cook over medium heat, stirring constantly, until butter is melted and sugar is dissolved. Remove from heat.
Combine flour, remaining ½ cup sugar, baking powder, cinnamon and salt in a large bowl. Stir in evaporated milk just until moistened. Add peaches; stir until coated. Spread into 8-inch-square baking pan sprayed with nonstick cooking spray. Pour sugar mixture over batter. Do not stir.
Bake at 400° F for 40 minutes or until topping is golden brown. Serve warm.