Raising AK on Button, rags, now what?

[juris]

Much more experienced in the MTT forum.

2-4 Party, most stacks between 60-80, I have 120 and won 3 out of last 8 with reasonably good hands (no sets, flushes but nothing worse than TPTK).

I raise on the button with AKo. 3 callers, flop comes 59Jr.

2 questions:

1. If checked to me, standard continuation bet is appropriate, yes or no? If no, explain.

2. If raised, do I fold/call/raise? Assume read is not psycho (call) or insanely tight (fold).

Comments appreciated.