Algol (Beta Per) is a very well-known eclipsing close binary system which has been intensively studied since 1782, and has been detected over a very broad range of wavelengths from radio to X-ray. Orbital and physical parameters for Algol have been determined with moderate accuracy, but there does not exist an exact evolutionary model which, starting from some initial conditions (period, mass ratio, primary mass), reproduces the present parameters of the system. The present examination of the evolutionary status of Algol approaches the system from a nonconservative viewpoint, concerning mass transfer, and considers mass and angular momentum losses from the system via a stellar wind. We compare the C abundance determination from theoretical models with values known from observational analysis, and construct a theoretical model which agrees reasonably well with the observed one. The computed parameters lie well inside the observational error. During evolution, Beta Per loses about 15 percent of its initial total mass and 30 percent of its initial total angular momentum.