Render a Textbox on Selection of a Certain Value From Picklist

Visualforce Page:

<apex:page standardController="Account">
    <apex:form >
    <apex:pageBlock >
        <apex:pageBlockButtons >
            <apex:commandButton action="{!save}" value="Save"/>
        </apex:pageBlockButtons>
        <apex:pageBlockSection >
            <apex:pageBlockSectionItem >
                <apex:inputField value="{!Account.type}">
                    <apex:actionSupport event="onchange" rerender="conditionalEntryFieldDiv"/>
                </apex:inputField>
            </apex:pageBlockSectionItem>
            <apex:pageBlockSectionItem >
                <apex:outputPanel layout="block" id="conditionalEntryFieldDiv">
                    <apex:inputField value="{!Account.accountnumber}" rendered="{!Account.type == 'Prospect'}"/>
                </apex:outputPanel>
            </apex:pageBlockSectionItem>
        </apex:pageBlockSection>
    </apex:pageBlock>
    </apex:form>
</apex:page>
</apex:page>

Here in the above code, on selection of account type picklist value “Prospect” the account number field will render.

Output: