"reciprocally, in a manner of giving and receiving," 1530s, from mutual + -ly (2). The meaning "conjointly, in common" (1590s) is "Held to be an erroneous use" [Century Dictionary]. Mutually exclusive is recorded by 1650s.
the agreement was mutually satisfactory
muttonhead
mutual
mutualism
mutualistic
mutuality
mutually
muumuu
Muzak
muzzle
muzzy
mwah