Preheat the oven to 325°F (163°C). Grease and flour a 9x5-inch loaf pan or line it with parchment paper.

In a large bowl, cream the softened butter and granulated sugar together using an electric mixer until light and fluffy, about 2-3 minutes.

Add the eggs one at a time, beating well after each addition. Mix in the vanilla extract and almond extract (if using).

In a separate bowl, whisk together the all-purpose flour, baking powder, and salt.

Gradually add the dry ingredients to the butter mixture, alternating with the milk, starting and ending with the dry ingredients. Mix until just combined.

Fold in the rainbow sprinkles gently with a spatula, ensuring an even distribution throughout the batter.

Pour the batter into the prepared loaf pan and smooth the top with a spatula.

Bake in the preheated oven for 60-70 minutes, or until a toothpick inserted into the center comes out clean.

Allow the pound cake to cool in the pan for 10 minutes, then transfer it to a wire rack to cool completely before slicing and serving.