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. Cake will keep well wrapped at room temperature for 3 days.