BOTTLE WATER ROCKET WITH PARACHUTE?

For my Physics Final I have to make a bottle water rocket. The higher it goes and the longest it stays, the better my grade. I know how to make the rocket but I don't know how to make or where and how to put the parachute on the rocket. I also read somewhere that backsliders, gliders and propellers help. If you now what this are and how to make them please help. If you have any designs for rockets that really work please include the links. I am using 2 liter bottles.