jQuery not fading on hover

jQuery not fading on hover

I must be making the stupidest mistake of all time, but I cannot figure
out what is wrong with my code. I have a table and every time someone
hovers over a cell I want it to become less opaque (opacity is default
0.85). Here is my code:
$(document).ready(function(){
$("td").hover(function(){
$(this).fadeTo(700,1);
},function(){
$(this).fadeTo(500,0.85);
});
});
Thanks