Step 1

Preheat oven to 325°F (163°C). Spray a 10 inch bundt cake pan with cooking spray and set aside.

Step 2

Add all the cake ingredients to the bowl of your mixer, in no particular order, and mix on medium speed for 2 minutes until the batter is smooth. Pour the batter in the prepared bundt pan.

Step 3

Transfer the bundt pan to the oven and bake for 1 hour or until golden brown. You can do the toothpick test to make sure it's baked. Let it cool slightly for a couple minutes then turn the cake over onto a cake platter or plate.

Step 4

Add the sugar and water to a medium size saucepan and place over medium-high heat. Stir or whisk until the sugar has dissolved. Turn the heat to high and boil until the syrup turns brown around the edge of the pan then swirl the pan occasionally for a couple more minutes until the syrup turns a deep amber.

Step 5

Remove the pan from the heat. Stir in the butter until mixed it. Stir in the heavy cream, the sauce will bubble, so stir until the bubbling stops. Add the rum and stir it in.

Step 6

Pour the caramel sauce over the cake, you can also poke some holes into it so that caramel sauce seeps into the cake. Top with toasted coconut if preferred or pecans.