Stir the soup, water, rice and chili powder in 2-quart shallow baking dish. Place the chicken on the rice mixture. Sprinkle with additional chili powder, if desired. Cover the baking dish.
Bake at 375 degrees for 45 minutes, or until chicken is cooked through and the rice is tender. Sprinkle with the cheese.
Cost per recipe, $5.65; cost per serving, $1.41. Nutritional values per serving: calories 356, total fat 6 grams, saturated fat 2 grams, cholesterol 81 mg, sodium 422 mg, total carbohydrate 41 grams, dietary fiber 1 gram, protein 32 grams, vitamin A 11 percent daily value (DV), vitamin C 7 percent DV, calcium 8 percent DV, iron 17 percent DV.