Combine the flour and ¾ cup sugar. Cut in the margarine or butter. Reserve 1 cup of the dry mixture. To remaining dry mixture, add the next 6 ingredients, plus 1 egg, and mix.
Spread mixture over bottom of the pan. Combine cream cheese, ¼ cup sugar and remaining egg. Spread over the crust mixture. Spoon preserves over top. Add sliced almonds to the reserved crumb mixture and sprinkle over the preserves. Bake for 50 minutes.
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