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Preheat oven to 400°F
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Lightly grease and flour one 9 or 10 inch bundt pan.
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By hand, with a spatula, cream butter and sugar together until light and fluffy.
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Add eggs all at once and beat well.
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Sift the flour and the baking powder together.
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Add to butter mixture along with 1 cup of the milk.
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Continue to beat well (the batter will be doughy).
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Add the remaining 1 cup of milk along with the vanilla and almond extracts. Pour batter into the prepared pan.
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Bake at 400F for 1 hour.
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Reduce heat to 350F and continue baking for 15 minutes longer.