$\DeclareMathOperator\rad{rad}\newcommand\qed{\square}\DeclareMathOperator\Ann{Ann}$I'm a little surprised this didn't get closed immediately as being non-research or even possibly homework, but since it is open, I want to present a more mechanized version of Andrew Davies' answer.  It's literally the same proof, but highlights some lemmas that are, ultimately, a lot more useful than just the fact you are asking about.

**Lemma 1:** Let $R$ be a ring, $V_1$ and $V_2$ two $R$-modules, and let $V_1 \to V_2$ be a surjection.  Then $\Ann{V_1} \subset \Ann{V_2}$. $\qed$

**Lemma 2:** Let $R$ be a ring, $I_1$ and $I_2$ two ideals, and let $I_1 \subset I_2$.  Then $\rad{I_1} \subset \rad{I_2}$. $\qed$

**Lemma 3:** Let $R$ be a graded ring, $V_1$ graded $R$-modules, and suppose $V_1 \subset V_2$.  Then $V_2 / V_1$ is graded. $\qed$

**Lemma 4:** Let $R$ be a graded ring, $V$ a graded $R$-module.  Then $\Ann{V}$ is a graded (homogeneous) ideal.

**Proof:** Let $v_d \in V$ be a homogeneous element of degree $d$, $x = \sum x_i$ a sum of homogeneous elements of degree $i$ in $R$.  Since $xv_d = 0$ and the $x_i v_d$ have distinct degrees $d + i$, they must all be zero.  Since this is true for any $v_d$, we conclude that all the $x_i$ kill the homogeneous elements of $V$, and thus since it is graded they annihilate $V$, so $\Ann{V}$ is the sum of its homogeneous subideals. $\qed$

**Lemma 5:** Let $R$ be a graded ring, $I$ a graded ideal.  Then $\rad{I}$ is a graded (homogeneous) ideal.

**Proof:** By considering $R/I$, we may suppose that $I = 0$.  (By the way, this argument is the key fact that connects the "$x^n \in I$" and the "$\bigcap P$" definitions of the radical.)  If $x^n = 0$, write $x = \sum x_i$ as a sum of homogeneous elements of degree $i$. We show by induction on the number $s$ of summands that all the $x_i$ are nilpotent.  When $s = 0$, the claim is tautological. Otherwise, let $x_m$ be the highest-degree term, so $x_m^n$ is the unique highest-degree term of $x^n$, and is therefore zero.  Since $x_m$ is nilpotent, so is $x - x_m$, which has $s - 1$ summands, all of which are nilpotent by induction.  Therefore the nilradical is the sum of its homogeneous subideals. $\qed$

**Lemma 6:** Let $R$ be a graded ring, $V$ an $R$-module, and define $V^*$ to be the submodule spanned by all homogeneous elements.  Then $V^*$ is the unique maximal homogeneous submodule of $V$. $\qed$

Now the solution to your problem is as follows.  Since $N^* \subset N$ we have a surjection $M/N^* \to M/N$, so $\Ann(M/N^*) \subset \Ann(M/N)$ by Lemma 1 and then $\rad \Ann (M/N^*) \subset \rad \Ann(M/N^*)$ by Lemma 2.  Since $N^*$ is a graded submodule, by Lemma 3 the quotient $M/N^*$ is graded, so by Lemma 4 so is $\Ann(M/N^*)$, so by Lemma 5 so is $\rad \Ann(M/N^*)$.  By Lemma 6 it is contained in $(\rad\Ann(M/N))^*$.  Conversely, if $x \in (\rad\Ann(M/N))^*$ is homogeneous, then $x^n M \subset N$.  But $x^n M$ is a homogeneous submodule, so again by Lemma 6, we have $x^n M \subset N^*$, and thus $x \in \rad\Ann(M/N^*)$, as desired.