Given $A_{n\times n} \in \mathbb R$ such that $A^4=4A^2$ then
if $A$ is invertible and isn't of the form $cI, c\in \mathbb R$ then $m_A(x)=x^2-4$.
if $A$ isn't diagonalizable over $\mathbb R$ then $0$ is an eigenvalue of $A$.
From the given we get $x^2(x-2)(x+2)=0$ zero $A$ so the eigenvalues of $A$ are from $\{0,2,-2\}$ (btw, are all of them have to be from this set?).
since $A$ is invertible then it's hard to find a counter example that won't allow to lose the $x^2$ from $x^2(x-2)(x+2)=0$ , is there a theorem that say that if $A$ is invertible then $A^2\neq0$?
here we can tell that the equation $|A-xI|=0$ doesn't have a real solution since it isn't diagonalizable over $\mathbb R$, but $0\in \mathbb R$ so how can this be?
The minimal polynomial of $A$ divides $x^4 - 4x^2 = x^2(x-2)(x+2)$ and the characteristic polynomial and the minimal polynomial have the same irreducible factors (possibly with different multiplicities), so a priori, you can only tell that the possible eigenvalues are $0,\pm 2$ and not necessarily all must occur (for example, the matrix $A = cI$ where $c \in \{ 0, 2, -2 \}$ satisfies the polynomial equation but has $c$ as the only eigenvalue).