A table doesn't have a cols or rows attribute. A table also doesn't have a height attribute, use style="height:500px;" instead. If one td is to be 1/5 of 700 then set its width to 140px, if the other td is to be 4/5 then set its width to 560px;. Personally I wouldn't even use a table for this. Tables aren't meant for web design, they are meant to display data. Your layout can be done without tables, here is an example.
http://bonrouge.com/2c-hf-fixed.php