It should be just fine! I would frost it and use it! I have baked on a Tuesday for a Saturday wedding before and the cakes are just fine.
I would say you'd have no problem at all with that Terry. I often bake my hubby's supply of cake for the next week on a Saturday and it's still good as new at the end of the week. It's just kept in a plastic cake box in the cupboard.
I had a wedding last week and had to do the baking on Monday and Tuesday due to the complexity of the design.... when I was putting the 12" tier together I went to flip the top piece and it broke into 4 pieces.... so I put it into plastic containers and baked another cake for the wedding.... After the wedding yesterday, I opened the plastic container and the cake was just as fresh as the day it was baked... we ate some today too!
I think your cake will be fine. You can use it. Actually while you cover it with plastics, it will not in air contact, if it remains uncovered it will get spoiled due to moisture. I had kept my cake for 10 day, its taste remain same.
What gives a longer life to cake? can anyone help ??
Navjot, if your cake is a sponge you can freeze it to extend the life.