Instructions: Preheat oven to 350 degrees F. Generously grease 10-in. tube pan. Sprinkle sliced almonds into prepared pan. shaking to cover bottom and sides.
Combine flour and baking powder; set aside. In large mixing bowl, cream butter. Gradually add sugar and beat until fluffy. Beat in eggs. Mix in half the flour mix. Stir in evaporated milk, water and vanilla. Mix in remaining flour and blend well.
Pour batter into almond-lined pan. Bake 40 to 45 minutes or till toothpick inserted near center comes out clean. Top individual cake slices with Hot Fudge sauce, if desired.
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