1. 1. Preheat the oven to 350°F (175°C) and grease a 9-inch round cake pan.

2. 2. In a mixing bowl, cream together 1 cup of white sugar and 1/2 cup of butter until smooth.

3. 3. Beat in 2 eggs, one at a time, then stir in 1 teaspoon of vanilla extract.

4. 4. Combine 1 1/2 cups of all-purpose flour, 1 3/4 teaspoons of baking powder, and 1/2 teaspoon of baking soda; add to the creamed mixture and mix well.

5. 5. Finally, stir in 1/2 cup of 2% low-fat milk until the batter is smooth.

6. 6. Pour the batter into the prepared pan and bake in the preheated oven for 30 to 40 minutes, or until a toothpick inserted into the center comes out clean.

7. 7. Let the cake cool in the pan for 10 minutes, then remove from the pan and cool completely on a wire rack.