Preheat the oven to 350°F. Butter and flour a 9-inch springform pan or spray liberally with baking spray. Set aside.
Using an electric mixer cream together the butter, sugar, vanilla and almond extract. Beat for 3 minutes on medium-high speed stopping to scrape the sides of the bowl periodically.
Add the eggs one at a time beating well after each addition.
In a separate bowl, sift together the flour, baking powder and salt.
Lower the speed of the mixer and add sifted dry ingredients alternately with the sweetened condensed milk, beginning and ending with flour. After all has been added beat for 30-45 seconds.
Pour evenly into the prepared pan. Bounce to release trapped air.
Place into the oven and bake for 1 hour or until a toothpick inserted into the center comes back clean. Check at 40 minutes and lay a piece of aluminum foil on top to prevent over browning, if needed.
Cool in the pan for 10 minutes then remove the outer ring. Cool to room temperature on a cooling rack.
Dust with powdered sugar and serve with whipped cream and fresh berries, if desired..
Notes
To prevent batter escaping from the springform pan, cover the bottom and 1-inch up the sides of the pan with aluminum foil.