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Stir the cold water and peanut butter powder in a small saucepan until the powder dissolves. Stir in teriyaki sauce, vinegar, honey, ginger and crushed red pepper. Bring to boiling, stirring occasionally. Boil gently, uncovered, for 1 to 2 minutes or until thickened; set aside.
Coat a large nonstick skillet with cooking spray; heat over medium-high heat. Add beef and garlic to hot skillet. Cook and stir for 2 minutes. Add peas and carrots; cook and stir about 2 minutes more or until vegetables are crisp-tender.
Add the peanut sauce, stirring to coat; if necessary, heat through.
Serve the beef and vegetable mixture over the hot brown rice.