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Preheat oven to 325 degrees Fahrenheit.
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Grease a 10 inch Bundt pan with flour cooking spray or use butter and then flour.
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Sprinkle chopped nuts evenly over the bottom of the pan.
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In a large bowl mix together the yellow cake mix and pudding mix. Then add the eggs, water, oil and rum. Whisk together well.
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Once combined, pour the batter into the bundt pan covering the chopped nuts.
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Bake in the preheated oven for 60 minutes, or until a skewer or toothpick comes out clean from the center.
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Remove the cake from the oven and allow to cool in the pan for 10 minutes.
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Once cooled turn out onto a cake plate.
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While the cake is cooling make the glaze. Combine the butter, water and sugar in a 1 quart sauce pan. Bring to a boil and cook for 5-7 minutes or until the sugar is fully dissolved. Remove form the heat and allow to cool for 5 minutes. Then stir in the remaining 2 tablespoons of rum.
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Using a pastry brush, brush the glaze lightly over the cake. That way you will not disturb the crushed nuts. Repeat the glazing step until all of the glaze is used.
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Allow the cake to absorb the glaze before eating.