Preheat the oven to 350ºF. Butter a large bunt pan and coat it in flour, shaking out the excess.
In a medium bowl, combine flour and baking powder. Set aside.
In the bowl of a stand mixer fitted with the paddle attachment, cream butter, shortening, and sugar until light and fluffy.
Mix in ½ cup milk and both extracts.
Add alternately the flour mixture with 1 egg at a time.
When well beaten, add the remaining ½ cup milk.
Bake 90 minutes or until golden in color and a toothpick inserted in the center of the cake comes out clean. If it is becoming too brown, loosely cover the top with aluminum foil. Cake will keep well wrapped at room temperature for 4 days or refrigerated for one week.