I've found that the "Blue Book" does not do a very good job valuing assault style rifles. THe prices tend to change a lot depending on market. My 23rd edition Blue Book shows the same 100% rifle valued at $1,625. Also, the Blue Book doesn't seem to differentiate between variations within models (e.g., milled receivers versus stamped receivers, etc.) You'd be better served to visit auction sites to determine what current values are.
I would think an excellent condition milled receiver .308 M78 with one 20 round magazine would go for about $1,700 to $1,900. The price you indicate is high, but is not out of line... especially if the rifle is like new with original box with no scratches, etc. (i.e., a true 100% rifle). Be sure the rifle has it's factor bi-pod. Some owners remove them. I'd deduct at least $150 if the bipod is missing.