Dulce de Leche

Preheat oven to 425°.

Pour the sweetened condensed milk into a casserole dish and cover with foil. Put the dish in a larger pan and add enough water to come up the sides.

Put in the oven, on the bottom rack, and bake for 2- 2 1/2 hours. Check the water level halfway and top it off if needed. The milk is done when it is caramel colored.

Remove the dish to a cooling rack. If it is too thick, whisk in a small amount of milk.

Spoon the cooled dulce de leche into a jar, seal, and refrigerate.
Warm a little in the microwave and serve with apple slices or as a drizzle on a dessert.